Question
In: Accounting
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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.
Required:
1. Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred.
2. Prepare the journal entry to record the overhead cost applied to production.
3. How many units were completed and transferred to finished goods during the period?
4. Compute the equivalent units of production for materials.
5. Compute the equivalent units of production for conversion.
6. What is the cost of beginning work in process inventory plus the cost added during the period for materials?
7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion?
8. What is the cost per equivalent unit for materials?
9. What is the cost per equivalent unit for conversion?
10. What is the cost of ending work in process inventory for materials?
11. What is the cost of ending work in process inventory for conversion?
12. What is the cost of materials transferred to finished goods?
13. What is the amount of conversion cost transferred to finished goods?
Solutions
ekkarill92 answered 6 months agoRelated Solutions
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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
29,000
Completed and transferred
to Finished Goods
?
Materials
145,275
Direct labor
92,500
Overhead
110,000
June 30 balance
?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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
29,000
Completed and transferred
to Finished Goods
?
Materials
145,275
Direct labor
92,500
Overhead
110,000
June 30 balance
?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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
28,000
Completed and
transferred
to Finished Goods
?
Materials
151,215
Direct labor
96,500
Overhead
114,000
June 30 balance
?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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 30,000, Completed and
transferred to Finished Goods ?, Materials 142,840 Direct labor
91,500 Overhead 109,000 ,June 30 balance ?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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 Process—Mixing Department
June
1 balance
43,000
Completed and
transferred to Finished Goods
?
Materials
138,925
Direct labor
88,500
Overhead...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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
30,000
Completed and transferred to Finished Goods
?
Materials
142,840
Direct labor
91,500
Overhead
109,000
June 30 balance
?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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
28,000
Completed and transferred to Finished Goods
?
Materials
120,000
Direct labor
79,500
Overhead
97,000
June 30 balance
?...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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 Process—Mixing Department
June 1
balance
35,000
Completed and
transferred to Finished Goods
?
Materials
120,205
Direct labor
80,500
Overhead...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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
Process—Mixing Department June 1 balance 35,000 Completed and
transferred to Finished Goods ? Materials 120,205 Direct labor
80,500 Overhead 98,000 June...
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
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
35,000
Completed and transferred
to Finished Goods
?
Materials
120,205
Direct labor
80,500
Overhead
98,000
June 30 balance
?...
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