Problem 6: Hublot Co. adopted the Just-In-Time (JIT) production system and used Backflush Costing to account...

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Problem 6: Hublot Co. adopted the Just-In-Time (JIT) production system and used Backflush Costing to account the cost of the produced goods. The following data were given: Purchase of raw materials Materials requisitioned into production Direct labor Factory overhead incurred Applied factory overhead Units produced Units sold There were no beginning inventories for raw materials, work-in-process, and finished goods. 1. What is the ending balance of the Raw and In-Process / Materials In-Process account? a. b. 10,000 c. 20,000 d. 30,000 e. 0 2. What is the amount of the cost of goods manufactured? a. b. 3,400,000 c. 3,380,000 d. 3,480,000 e. 3,500,000 P2,000,000 P1,980,000 P 600,000 P 800,000 P 900,000 50,000 49,000 3. What is the amount of the cost of goods sold? a. b. 3,332,000 c. 3,312,400 d. 3,430,000 e. 3,410,400 6 Problem 6: Hublot Co. adopted the Just-In-Time (JIT) production system and used Backflush Costing to account the cost of the produced goods. The following data were given: Purchase of raw materials Materials requisitioned into production Direct labor Factory overhead incurred Applied factory overhead Units produced Units sold There were no beginning inventories for raw materials, work-in-process, and finished goods. 1. What is the ending balance of the Raw and In-Process / Materials In-Process account? a. b. 10,000 c. 20,000 d. 30,000 e. 0 2. What is the amount of the cost of goods manufactured? a. b. 3,400,000 c. 3,380,000 d. 3,480,000 e. 3,500,000 P2,000,000 P1,980,000 P 600,000 P 800,000 P 900,000 50,000 49,000 3. What is the amount of the cost of goods sold? a. b. 3,332,000 c. 3,312,400 d. 3,430,000 e. 3,410,400 6

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