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The Hope Manufacturing Co. uses a Raw and In Process (RIP) inventory account and expensed all conversion costs to the cost of goods sold


The Hope Manufacturing Co. uses a Raw and In Process (RIP) inventory account and expensed all conversion costs to the cost of goods sold account. At the end of each month, all inventories are counted, their conversion cost components are estimated and inventory account balances are adjusted accordingly. Raw materials cost is backflushed from RIP to finished goods. The following information is for May: Raw and In Process, May 1 Raw and In Process, May 31 Raw materials purchased Conversion costs incurred Conversion costs, applied P 38,700 41,900 680,000 4,800 5,300 Finished goods, May 1 12,000 Finished goods, May 31 10,000 What is the calculated material cost to be backflushed from RIP to cost of

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