Question
Q3
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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): The June 1 work in process inventory consisted of 5;500 pounds with $21,750 in materials cost and $18,250 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 38,000 pounds were started into production. The June 30 work in process inventory consisted of 9,000 pounds that were 100% complete with respect to materials and 50% complete with respect to conversion. Required: How many units were completed and transferred to finished goods during the period? Units completed and transferred to finished goods Required: Compute the equivalent units of production for materials. Equivalent units of production for materials
Explanation / Answer
Units to account for:
Begining WIP= 5500 lbs
Started in June= 38000 lbs
Total units to account for: 43,500 lbs
Total units to account for - Ending WIP = Units completed & transfered in June
43,500 - 9,000 = 34,500 lbs
Ending WIP= 9,000 lbs
These units are 100% complete with respect to materials so the equivalent units are:
9,000 x 100% = 9,000
