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How to solve with explanation for required 1 - 1 5 Clopack Company manufactures one product that goes through one processing department called Mixing. All
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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 weightedaverage method of process costing. Its Work in Process Taccount for the Mixing Department for June follows all forthcoming questions pertain to June:
tableWork in ProcessMixing Department,June balance,Completed and transferred to Finished GoodsMaterialsDirect labor,OverheadJune balance,?,
The June work in process inventory consisted of units with $ in materials cost and $ in conversion cost. The June work in process inventory was complete with respect to materials and complete with respect to conversion. During June, units were started into production. The June work in process inventory consisted of units that were complete with respect to materials and complete with respect to conversion.
Required:
Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred.
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Prepare the journal entry to record the overhead cost applied to production.
How many units were completed and transferred to finished goods during the period?
Compute the equivalent units of production for materials.
Compute the equivalent units of production for conversion.
What is the cost of beginning work in process inventory plus the cost added during the period for materials?
What is the cost of beginning work in process inventory plus the cost added during the period for conversion?
What is the cost per equivalent unit for materials?
What is the cost per equivalent unit for conversion?
What is the cost of ending work in process inventory for materials?
What is the cost of ending work in process inventory for conversion?
What is the cost of materials transferred to finished goods?
What is the amount of conversion cost transferred to finished goods?
Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
What is the total cost to be accounted for? What is the total cost accounted for?
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