Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the cost of ending work in process inventory for materials? Required information [The following information applies to the questions displayed below.) Clopack Company

What is the cost of ending work in process inventory for materials?
image text in transcribed
image text in transcribed
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): Work in Process-Mixing Department June 1 balance 36,000 Completed and transferred to Finished Goods Materials 122,440 Direct labor 81,500 Overhead 99,000 June 30 balance ? 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 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

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

Costing

Authors: Terry Lucey

6th Edition

0826455107, 9780826455109

More Books

Students also viewed these Accounting questions

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago

Question

How are language and thought related?

Answered: 1 week ago