Question

In: Accounting

Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product...

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

27,000

Completed and transferred
to Finished Goods
?
Materials 151,100
Direct labor 95,500
Overhead 113,000
June 30 balance ?

The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 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, 36,900 units were started into production. The June 30 work in process inventory consisted of 8,800 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

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? (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? (Round your intermediate calculations to 2 places.)

11. What is the cost of ending work in process inventory for conversion? (Round your intermediate calculations to 2 places.)

12. What is the cost of materials transferred to finished goods? (Round your intermediate calculations to 2 places.)

13. What is the amount of conversion cost transferred to finished goods? (Round your intermediate calculations to 2 places.)

14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

15-a. What is the total cost to be accounted for?

15-b. What is the total cost accounted for?

please answer all questions!

Solutions

Expert Solution

Units to account for:
Beginning work in process 4400
Units started this period 36900
Total units to account for 41300
Total units accounted for:
Completed and transferred out 32500
Ending work in process 8800
Total units accounted for 41300
5 Units % Materials EUP-Materials % Conversion EUP-Conversion
Units completed and transferred out 32500 100% 32500 100% 32500
Units of ending work in process 8800 100% 8800 50% 4400
Equivalent units of production 41300 36900
6&7 Cost per EUP Materials Conversion
Cost of beginning work in process 14100 12900
Costs added during this period 151100 208500
Total costs 165200 221400
8&9 Cost per EUP Materials Conversion
Total costs 165200 221400
÷ Equivalent units of production 41300 36900
Cost per equivalent unit of production 4.00 6.00
10&11 Costs of ending work in process Materials Conversion
Equivalent units of production 8800 4400
Cost per equivalent unit of production 4.00 6.00
Total ending work in process 35200 26400
12&13 Costs transferred to finished goods Materials Conversion
Equivalent units of production 32500 32500
Cost per equivalent unit of production 4.00 6.00
Total cost transferred to finished goods 130000 195000
14 Date Account Titles and Explanation Debit Credit
Jun. 30 Finished goods inventory 325000
Work in process inventory 325000
(To record costs transferred to finished goods)
15-a. Total cost to be accounted for:
Cost of beginning work in process 27000
Costs added during this period 359600
Total cost to be accounted for 386600
15-b. Total cost accounted for:
Costs of ending work in process 61600
Costs transferred to finished goods 325000
Total cost accounted for 386600
Work in Process-Mixing Department
June 1 balance 27000 Completed and transferred to Finished Goods 325000
Materials 151100
Direct labor 95500
Overhead 113000
June 30 balance 61600

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