Clopack Company manufactures one product that goes through one processing depart
ID: 2449473 • Letter: C
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 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 28,000 Completed and transferred to Finished Goods ? Materials 120,000 Direct labor 79,500 Overhead 97,000 June 30 balance ? The June 1 work in process inventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 50% complete with respect to conversion. During June, 37,500 pounds were started into production. The June 30 work in process inventory consisted of 8,000 pounds that were 100% complete with respect to materials and 40% complete with respect to conversion.
Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred.
Prepare the journal entry to record the overhead cost applied to production.
How many units were completed and transferred to finished goods during the period?
Compute the equivalent units of production for materials.
For materials, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
For conversion, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
What is the cost per equivalent unit for materials?
What is the cost per equivalent unit for conversion?
What is the cost of ending work in process inventory for materials?
What is the cost of materials transferred to finished goods?
Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods
What is the total cost to be accounted for?
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.
For materials, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
7.For conversion, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
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? 14.Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods
15-a.What is the total cost to be accounted for?
15-b. What is the total cost accounted for?Explanation / Answer
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?
Units were completed and transferred to finished goods during the period = June 1 work in process inventory + Unit Started - Ending Inventory in process
Units were completed and transferred to finished goods during the period = 5000+37500 - 8000
Units were completed and transferred to finished goods during the period = 34500
4.Compute the equivalent units of production for materials.
Equivalent units of production for materials = 42500
5. Compute the equivalent units of production for conversion.
Equivalent units of production for conversion = 37700
Account Title & Explaination Debit Credit Work in Process 120000 Raw Material 120000 Account Title & Explaination Debit Credit Work in Process 79500 Direct Labor 79500Related Questions
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