Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 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):

Work in ProcessMixing Department
June 1balance 28,000 Completed and transferred to Finished Goods ?
Materials 151,215
Direct labour 96,500
Overhead 114,000
June 30balance ?

The June 1 work in process inventory consisted of 4,300 pounds with $15,240 in materials cost and $12,760 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, 36,800 pounds were started into production. The June 30 work in process inventory consisted of 9,000 pounds that were 100% complete with respect to materials and 50% complete with respect to conversion.

6. For materials, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?

7. For conversion, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?

8. What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.)

9. What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.)

10. What is the cost of ending work in process inventory for materials? (Do not round intermediate calculations.)

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

Step: 3

blur-text-image

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

Sound Investing, Chapter 8 - Revenue Hoaxes

Authors: Kate Mooney

3rd Edition

007171930X, 9780071719308

More Books

Students also viewed these Accounting questions

Question

What is cultural awareness?

Answered: 1 week ago

Question

Discuss global compensation practices.

Answered: 1 week ago

Question

Summarize global staffing practices.

Answered: 1 week ago

Question

Discuss the evolution of global business.

Answered: 1 week ago