Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in

 

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 of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance i Debit Work in Process-Mixing Department Credit 40,000 Completed and transferred to Finished Goods 125,000 83,500 101,000 7 The June 1 work in process inventory consisted of 5,400 units with $22.220 in materials cost and $17,780 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, 37,900 units were started into production. The June 30 work in process inventory consisted of 8,800 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 1. How many units were completed and transferred to finished goods during the period? 2. Compute the equivalent units of production for materials. 3. Compute the equivalent units of production for conversion. 4. What is the cost of ending work in process inventory for materials? 5. What is the cost of ending work in process inventory for conversion? 6. What is the cost of materials transferred to finished goods? 7. What is the amount of conversion cost transferred to finished goods? 8. a. What is the total cost to be accounted for? -b. What is the total cost accounted for?

Step by Step Solution

3.53 Rating (146 Votes )

There are 3 Steps involved in it

Step: 1

The number of units completed and transferred to finished goods can be calculated by subtracting the number of units in the June 30 work in process inventory from the total number of units started int... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen

7th edition

978-1259675539, 125967553X, 978-1259594168, 1259594165, 78025796, 978-0078025792

More Books

Students also viewed these Accounting questions

Question

Write the first five terms of each sequence. an || n + 2 n

Answered: 1 week ago

Question

How does the concept of hegemony relate to culture?

Answered: 1 week ago

Question

explain how achievement motivation develops, and

Answered: 1 week ago

Question

compare and contrast theories of achievement motivation,

Answered: 1 week ago

Question

describe what makes up personality and why it is important,

Answered: 1 week ago