Golden Yellow Manufacturing Company has a cycle time of 5 days, uses Raw and in Process...

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Golden Yellow Manufacturing Company has a cycle time of 5 days, uses Raw and in Process account and charges all conversion costs to Cost of Sales. At the end of each period, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted. The following data is available for the current period: RIP, beg. balance including P5,000 of conversion costs FG, beg. balance including P12,000 of conversion costs Raw materials purchases on account P24,000 40,000 700,000 30,000 42,000 RIP, end balance including P7,500 of conversion costs FG, end balance including P8,000 of conversion costs Conversion costs for the period are P250,000 for direct labor and P350,000 for overhead 17. Give the final entry required to update the balances RIP, FG and COS. Golden Yellow Manufacturing Company has a cycle time of 5 days, uses Raw and in Process account and charges all conversion costs to Cost of Sales. At the end of each period, all inventories are counted, their conversion costs components are estimated and inventory account balances are adjusted. The following data is available for the current period: RIP, beg. balance including P5,000 of conversion costs FG, beg. balance including P12,000 of conversion costs Raw materials purchases on account P24,000 40,000 700,000 30,000 42,000 RIP, end balance including P7,500 of conversion costs FG, end balance including P8,000 of conversion costs Conversion costs for the period are P250,000 for direct labor and P350,000 for overhead 17. Give the final entry required to update the balances RIP, FG and COS.