Answered step by step
Verified Expert Solution
Question
1 Approved Answer
10 Required information Foundational Exercises (LOI, LO2, LO3, LO4, LO5] [The following information applies to the questions displayed below.] Part 10 of 15 Clopack Company
10 Required information Foundational Exercises (LOI, LO2, LO3, LO4, LO5] [The following information applies to the questions displayed below.] Part 10 of 15 Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted average method to account for units and costs. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): 3 points June 1-balance Materials Direct labour Overhead June 30-balance Work in Process-Mixing Department $ 29,000 Completed and transferred to finished goods 145,275 92,500 110,000 The June 1 work in process inventory consisted of 4,700 kilograms with $16,040 in materials cost and $12,960 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,200 kilograms were started into production. The June 30 work in process inventory consisted of 8,200 kilograms that were 100% complete with respect to materials and 50% complete with respect to conversion. Foundational 6-10 10. What is the cost of ending work in process inventory for materials? (Do not round intermediate calculations.) Cost of ending work-in-process inventory for materials 11 Required information Foundational Exercises [LO1, LO2, LO3, LO4, LO5] (The following information applies to the questions displayed below.) Part 11 of 15 Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted average method to account for units and costs. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): 3 points June 1-balance Materials Direct labour Overhead June 30-balance Work in Process-Mixing Department $ 29,000 Completed and transferred to finished goods 145,275 92,500 110,000 The June 1 work in process inventory consisted of 4,700 kilograms with $16,040 in materials cost and $12,960 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,200 kilograms were started into production. The June 30 work in process inventory consisted of 8,200 kilograms that were 100% complete with respect to materials and 50% complete with respect to conversion. Foundational 6-11 11. What is the cost of ending work in process inventory for conversion? (Do not round your intermediate calculations.) Cost of ending work-in-process inventory for conversion ! 12 Part 12 of 15 Required information Foundational Exercises (LO1, LO2, LO3, LO4, LO5] (The following information applies to the questions displayed below. Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted average method to account for units and costs. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): 3 points June 1-balance Materials Direct labour Overhead June 30-balance Work in Process-Mixing Department $ 29,600 Completed and transferred to finished goods 145,275 92,500 110,000 ? The June 1 work in process inventory consisted of 4,700 kilograms with $16,040 in materials cost and $12,960 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,200 kilograms were started into production. The June 30 work in process inventory consisted of 8,200 kilograms that were 100% complete with respect to materials and 50% complete with respect to conversion. Foundational 6-12 12. What is the cost of materials transferred to finished goods? (Do not round intermediate calculation.) Cost of materials transferred to finished goods 14 Required information Foundational Exercises (LO1, LO2, LO3, LO4, LO5] [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method to account for units and costs. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Part 14 of 15 3 points June 1-balance Materials Direct labour Overhead June 30-balance Work in Process-Mixing Department $ 29,889 Completed and transferred to finished goods 145,275 92,see 110,000 The June 1 work in process inventory consisted of 4,700 kilograms with $16,040 in materials cost and $12.960 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,200 kilograms were started into production. The June 30 work in process inventory consisted of 8,200 kilograms that were 100% complete with respect to materials and 50% complete with respect to conversion Foundational 6-14 14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the transfer of costs from Work in Process to Finished Goods Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal ! 15 Required information Foundational Exercises [LO1, LO2, LO3, LO4, LO5] (The following information applies to the questions displayed below.) Part 15 of 15 Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted average method to account for units and costs. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): 3 points June 1-balance Materials Direct labour Overhead June 30-balance Work in Process-Mixing Department $ 29,000 Completed and transferred to finished goods 145,275 92,500 110,eee The June 1 work in process inventory consisted of 4,700 kilograms with $16,040 in materials cost and $12,960 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,200 kilograms were started into production. The June 30 work in process inventory consisted of 8,200 kilograms that were 100% complete with respect to materials and 50% complete with respect to conversion. Foundational 6-15 15-a. What is the total cost to be accounted for? (Do not round intermediate calculations.) Total cost to be accounted for 15-b. What is the total cost accounted for? (Do not round intermediate calculations.) Total cost accounted for
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started