Tron Industries produces electronic equipment and uses backflush costing. There are no beginning inventories of raw materials or finished goods. See below for the following data related to the month:

Direct Materials Purchased $500,000.00

Direct Materials Used $498,000.00

Conversion Costs Incurred $734,500.00

Conversion Costs Allocated $720,000.00

Standard DM per Unit $66.40

Standard Conv per Unit $96.00

Units Sold in Period 6,250

REQUIRED:

a) Purchase of raw materials journal entry (for simplicity, credit to 'Accounts Payable')

b) Incur conversion costs journal entry (for simplicity, credit to 'Various Accounts')

c) Completion of finished goods journal entry

d) Sale of finished goods journal entry (COGS entry only)

e) Record the over/under allocation of conversion costs journal entry Calculate the # of unsold finished goods (physical quantity

Answer rating: 100% (QA)

a Purchase of raw materials journal entry Raw Materials Inventory or WorkinPr... View the full answer