Question
Please help!! Very confused on these and have no clue how to complete them. Clopack Company manufactures one product that goes through one processing department
Please help!! Very confused on these and have no clue how to complete them.
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 | |||
---|---|---|---|
Debit | Credit | ||
June 1 balance | 38,000 | Completed and transferred to Finished Goods | ? |
Materials | 123,705 | ||
Direct labor | 82,500 | ||
Overhead | 100,000 | ||
June 30 balance | ? |
The June 1 work in process inventory consisted of 5,300 units with $20,680 in materials cost and $17,320 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, 37,800 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.
Required:
1. Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal entry worksheet
Record the raw materials used in production.
Note: Enter debits before credits.
|
Journal entry worksheet
Record the direct labor cost incurred.
Note: Enter debits before credits.
|
2. Prepare the journal entry to record the overhead cost applied to production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal entry worksheet
Record the overhead cost applied to production.
Note: Enter debits before credits.
|
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 for 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: _____
14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal entry worksheet
Record the transfer of costs from Work in Process to Finished Goods.
Note: Enter debits before credits.
|
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