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 the

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):

Work in ProcessMixing Department
June 1 balance

27,000

Completed and transferred to Finished Goods ?
Materials 153,250
Direct labor 97,500
Overhead 115,000
June 30 balance ?

The June 1 work in process inventory consisted of 4,200 units with $14,440 in materials cost and $12,560 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, 36,700 units were started into production. The June 30 work in process inventory consisted of 9,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

4. Compute the equivalent units of production for materials. Equivalent units of production for materials 5. Compute the equivalent units of production for conversion. Equivalent units of production 6. What is the cost of beginning work in process inventory plus the cost added during the period for materials? Total cost of materials 7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion? Total cost of conversion 8. What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.) Cost per equivalent unit for materials 9. What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.) Cost per equivalent unit 10. What is the cost of ending work in process inventory for materials? (Round your intermediate calculations to 2 places.) Cost of ending work-in-process inventory for materials 11. What is the cost of ending work in process inventory for conversion? (Round your intermediate calculations to 2 places.) Cost of ending work-in-process inventory for conversion

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Financial Accounting A Decision Making Approach

Authors: Thomas E. King, Valdean C. Lembke, John H. Smith

2nd Edition

0471328235, 978-0471328230

More Books

Students also viewed these Accounting questions

Question

What do you mean by dual mode operation?

Answered: 1 week ago

Question

Explain the difference between `==` and `===` in JavaScript.

Answered: 1 week ago