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Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods Clopack Company manufactures one product that goes through
Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods
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 to account for units and costs. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): The June 1 work in process inventory consisted of 4,800 pounds with $17,140 in materials cost and $12,860 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, 37,300 pounds were started into production. The June 30 work in process inventory consisted of 8,000 pounds that were 100% complete with respect to materials and 50% complete with respect to conversion
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