The Rapidan Manufacturing Company produces only for customer order, and most work is shipped within 36 hours of receipt of an order. The company uses a raw and in process (RIP) inventory account and expenses all conversion costs to the cost of goods sold account. Work is shipped immediately upon completion, so there is no finished goods account. At the end of each month, inventory is counted, its conversion cost component is estimated, and the RIP account balance is adjusted accordingly. Raw material cost is back flushed from RIP to Cost of Goods Sold. The following information is for May:

Required:
Prepare the three journal entries involving the RIP account.

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12,300 246,000 Beginning balance of RIP account, including $1,300 of conversion cost Ending RIP inventory per physical count, including $2,100 conversion cost estimate . 12,100