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

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

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) Debit June 1 balance Work in Process-Mixing Department Credit 28,000 Completed and transferred to Finished Goods 148, 905 94,500 112,000 ? Materials Direct labor Overhead June 30 balance ? The June 1 work in process inventory consisted of 4,500 units with $15,020 in materials cost and $12,980 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, 37,000 units were started into production. The June 30 work in process inventory consisted of 8,600 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 3. How many units were completed and transferred to finished goods during the period? Completed and transferred out 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 pla 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 ca Cost of ending work-in-process inventory for conversion 12. What is the cost of materials transferred to finished goods? (Round your intermediate calculations to 2 Cost of materials transferred to finished goods 13. What is the amount of conversion cost transferred to finished goods? (Round your intermediate calculations to Conversion cost transferred to finished goods 15-a. What is the total cost to be accounted for? 15-b. What is the total cost accounted for? a. Total cost to be accounted for b. Total cost accounted for

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

Merchandising Math A Managerial Approach

Authors: Doris Kincade, Fay Gibson, Ginger Woodard

1st Edition

0130995886, 978-0130995889

More Books

Students also viewed these Accounting questions