Clopack Company manufactures one product that goes through one processing depart

Question

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 92,500 110,000 Direct labor Overhead June 30 balance The June 1 work in process inventory consisted of 4,700 units with $16,040 in materials cost and $12,960 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, 37.200 units were started into production. The June 30 work in process inventory consisted of 8,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 4. Compute the equivalent units of production for materials. Equivalent units of production for materials 5. Compute the equivalent units of production for conversion. Equivalent units of production 6. What is the cost of beginning work in process inventory plus the cost added during the period for materials? Total cost of materials

Explanation / Answer

Units completed and transferred to Finished goods Work In process, June 1 4700 Units started in production during the year 37200 Total units completed 41900 Less : Work in process, June 30 8200 Completed and transferred during the month 33700 4 Units transferred out 33700 Work in process, June 30 (100% completed) 8200 Total Equivalent units of materials 41900 5 Units transferred out 33700 Work in process, June 30 (60% completed) 4920 Total Equivalent units of conversion 38620 6 Material Costs Cost of Beginning work in process $16,040 Cost added during the month 145275 Total cost of materials $161,315 7 Conversion Costs Cost of Beginning work in process $12,960 Cost added during the month (92500+110000) 202500 Total cost of conversion $215,460 8 Material Total Costs $161,315 Number of equivalents units 41900 Equivalent unit costs of material $3.85 9 Conversion Total Costs $215,460 Number of equivalents units 38620 Equivalent unit costs of material $5.58 10 Equivalent units of production ending inventory 8200 Equivalent unit costs of material $3.85 Cost of materials in ending work in process $31,570.00 11 Equivalent units of production ending inventory 4920 Equivalent unit costs of conversion $5.58 Cost of conversion in ending work in process $27,453.60 12 Material Transferred to Finished Goods 33700 Equivalent unit costs of material 3.85 Cost of materials in Finished Goods 129745 13 Conversion Transferred to Finished Goods 33700 Equivalent unit costs of conversion 5.58 Cost of materials in Finished Goods 188046 14 Total Costs to be accounted for (29000+145275+92500+110000) 376775 Total costs accounted for 376775

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