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Required information The Foundational 15 (LO5-1, LO5-2, LO5-3, LO5-4, LO5-5] [The following information applies to the questions displayed below.] Clopack Company manufactures one product that
Required information The Foundational 15 (LO5-1, LO5-2, LO5-3, LO5-4, LO5-5] [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 41,000Completed and transferred to Finished Goods 86,500 134,065 104,000 The June 1 work in process inventory consisted of 5,700 units with $21,780 in materials cost and $19,220 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, 38,200 units were started into production. The June 30 work in process inventory consisted of 9,400 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 11. What is the cost of ending work in process inventory for conversion? (Round your intermediate calculations to 2 places.) Cost of ending work-in-process inventory for conversion 12. What is the cost of materials transferred to finished goods? (Round your intermediate calculations to 2 places.) Cost of materials transferred to finished goods
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