NGV uses backflush costing method. Required: a. Calculate the finished goods inventory. b. Compute the work...

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NGV uses backflush costing method. Required: a. Calculate the finished goods inventory. b. Compute the work in process inventory. C. Prepare the T-accounts and post the all necessary entries based on the above transactions. P7-5 ABC & Co Company uses JIT operating system with backflush costing. During the month of October, Direct material costing P100,000 was used for completed work with conversion cost of P500,000. At the end of the month, P100,000 was assigned to work in process inventory account. The ending balance of finished goods inventory was 150,000. Required: da. b. Compute the cost charged to cost of goods sold. Calculate the ending balance of cost of goods sold. b. P7-4 The following transaction occurred in production department of NGV Company. 1. Direct material purchased on credit for P25,000 2. All material used in production department 3. Direct Labor cost incurred was P9,000 4. Overhead applied to production department was P22,000 5. Units completed were of worth P55,000 6. Unit sold were costing P45,500 NGV uses backflush costing method. Required: a. Calculate the finished goods inventory. b. Compute the work in process inventory. C. Prepare the T-accounts and post the all necessary entries based on the above transactions. P7-5 ABC & Co Company uses JIT operating system with backflush costing. During the month of October, Direct material costing P100,000 was used for completed work with conversion cost of P500,000. At the end of the month, P100,000 was assigned to work in process inventory account. The ending balance of finished goods inventory was 150,000. Required: da. b. Compute the cost charged to cost of goods sold. Calculate the ending balance of cost of goods sold. b. P7-4 The following transaction occurred in production department of NGV Company. 1. Direct material purchased on credit for P25,000 2. All material used in production department 3. Direct Labor cost incurred was P9,000 4. Overhead applied to production department was P22,000 5. Units completed were of worth P55,000 6. Unit sold were costing P45,500