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Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All
Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance Work in Process Mixing Department Debit Credit 36.000 122,440 Completed and transferred to Finished Goods 81.500 99,000 The June 1 work in process inventory consisted of 5.200 units with $19,130 in materials cost and $16,870 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, 37,700 units were started into production. The June 30 work in process inventory consisted of 8,400 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.) View transaction list Journal entry worksheet < 2 Record the raw materials used in production. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet < 2 Record the direct labor cost incurred. > Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal No journal entry required Accounts payable Accounts receivable Cost of goods sold Finished goods Manufacturing overhead Purchases of raw materials Raw materials inventory Salaries and wages payable Work in process-Mixing 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.) View transaction list Journal entry worksheet Record the overhead cost applied to production. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal 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
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