Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Do u have access to the Clarke Chemical problem in the chapter 8 econ 1001 spring 2011 file? The complete path is this http://www.coursehero.com/file/6325758/ch8/ I

Do u have access to the Clarke Chemical problem in the chapter 8 econ 1001 spring 2011 file? The complete path is this http://www.coursehero.com/file/6325758/ch8/ I wanted to see the work so I can understand it but I can't get the fileimage text in transcribed

Th e Clark Chemical Company produces a special kind of body oil that is widely used by professional sports trainers. The oil is produced in three processes: Refining, Blending, and Mixing. Raw oil materials are introduced at the beginning of the refining process. A \"mountainair scent\" material is added in the blending process when processing is 50% completed. The following Work-in process account for the Refining Department is available for the month of July 2008. The July 1 Work-In-Process Inventory contains $1,500 in material costs. Work-in-Process: Refining Beg Bal (5000 gal, 80% complete) $6,500 Department Materials (30,000 gal) $12,300 Direct Labor $14,500 Overhead $21,750 End Balance (6,000 gal, 2/3 complete) ? Costs transferred to Blending (____________units) The following Work-In-Process account for the Blending Department is available for the month of July 2008. The July 1 Work-in-Process inventory contains $5920 in material costs and $1.56/unit in costs transferred in from the Refining Department WIP: Blending Beg Balance (8,000 gal, 30% complete) $22,850 Costs transferred in from Refining Dept ? Materials $20,810 Direct Labor (725 hours) 5,748 Overhead 11,600 End Balance (4,000 gal, 40% complete) ? Costs transferred to Mixing Deptl. The Clarke Chemical Company uses first-in, first out (FIFO) costing for the Refining Department and weighted average costing for the Blending Department. Required: Part 1: Refining Department (A) Compute the equivalent units of Production. (B) Compute the material cost per unit and the conversion cost per unit (C) Prepare \"The total cost accounted for\" section of the July 2008 production report. (D) Compute the July 31 Work-in-process Inventory Balance. Part 2: Blending Department (E) Compute the equivalent units of production (F) Assume that the costs transferred from the Refining Department to the Blending Department were $48,200. Compute the unit costs in the Blending Department for the month of July. *HINT: There are three! (G) Compute the costs transferred out for July 2008. (H) Compute the July 31 Work-in-Process Inventory Balance

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

Fundamentals Of Advanced Accounting

Authors: Joe Ben Hoyle

8th Edition

1260575926, 978-1260575927

More Books

Students also viewed these Accounting questions

Question

List f our sourc es of c onflict. (p. 3 62)

Answered: 1 week ago