The Lim Company has a plant that manufactures transistor radios. The production time is only...
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The Lim Company has a plant that manufactures transistor radios. The production time is only a few minutes per unit. The company uses just-in-time production system and a backflush costing system with two trigger points for journal entries: (1) Purchase of direct (raw) materials and (2) Completion of good finished units of products. There were no beginning inventories. The following data pertain to April manufacturing: Direct (raw) materials purchased P8,800,000 Direct (raw) materials used 8,500,000 Conversion costs incurred 4,220,000 Allocation of conversion costs 4,000,000 Costs transferred to finished goods 12,500,000 Cost of goods sold 11,900,000 Required: Match the correct amount that must be posted under each of the following T-account. Match each item to a choice: Finished Goods 7 11.900.000 Cost of Goods Sold Conversion Costs Allocated Conversion Costs Control Raw and In-process Inventory 8,500,000 Choices: P 600,000 IP 4,000,000 P 300,000 P 12,500,000 HP 11,900,000 P 4,220,000 P 8,800,000
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