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CoursHeroTranscribedText: 2. The Bulacan Manufacturing Company produces only for customer order and most work is...

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Accounting

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CoursHeroTranscribedText: 2. The Bulacan Manufacturing Company produces only for customer order and most work is shipped within thirtysix hours of the receipt of an order. Bulacan uses a raw and in process {RIP} inventory account and expenses all conversion costs to the cost of goods sold account. Work. is shipped immediately upon completion, so there is no nished goods account. At the end of each month, inventory is counted, its conversion cost component is estimated, and the RIP account balance is adjusted accodingly. Raw material cost is hackushed from RIP to l[Lost of Goods Sold. The following information is for the month of May: Beginning ba]ance of RIP account, including P1,300 of conversion cost P 12,300 Raw materials received on credit 245,000 Ending RIP inventory per physical count, including P2,100 conversion cost estimate 12,100 Compute the amount to be hackushed from RIP to Cost of Goods Sold: a. P24E,000 c. P241000 1]. 245,200 d. 245,000

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