Clopack Company manufactures one product that goes through one processing depart
ID: 2464162 • 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 41,000 Completed and transferred to Finished Goods ? Materials 134,065 Direct labor 86,500 Overhead 104,000 June 30 balance ? The June 1 work in process inventory consisted of 5,700 pounds with $21,780 in materials cost and $19,220 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, 38,200 pounds were started into production. The June 30 work in process inventory consisted of 9,400 pounds that were 100% complete with respect to materials and 50% complete with respect to conversion.
1.Compute the equivalent units of production for conversion
2. For materials, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
3. For conversion, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
4. What is the cost per equivalent unit for materials?
5. What is the cost per equivalent unit for conversion?
What is the cost of ending work in process inventory for materials?
7. What is the cost of ending work in process inventory for conversion?
8. What is the cost of materials transferred to finished goods?
9. What is the amount of conversion cost transferred to finished goods?
10. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
11. What is the total cost to be accounted for?
What is the total cost accounted for?
1.Compute the equivalent units of production for conversion
2. For materials, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
3. For conversion, what is the sum of the cost of beginning work in process inventory plus the cost added during the period?
4. What is the cost per equivalent unit for materials?
5. What is the cost per equivalent unit for conversion?
6.What is the cost of ending work in process inventory for materials?
7. What is the cost of ending work in process inventory for conversion?
8. What is the cost of materials transferred to finished goods?
9. What is the amount of conversion cost transferred to finished goods?
10. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
11. What is the total cost to be accounted for?
What is the total cost accounted for?
Explanation / Answer
Answer 1: 134065+86500+104000 = 324565*50% = 162285.50
Answer 4: 5700/21780 = 0.26
Answer 5: 5700/19220 = 0.30
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