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 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 5,100 pounds with $18,570 in materials cost and $16,430 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, 37,600 pounds were started into production. The June 30 work in process inventory consisted of 8,200 pounds that were 100% complete with respect to materials and 50% complete with respect to conversion.

What is the cost of ending work in process inventory for conversion?

What is the cost of materials transferred to finished goods?

What is the amount of conversion cost transferred to finished goods?

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):

Explanation / Answer

Beginning work in process inventory 5,100 Completed & transferred 34,500 started during the year 37,600 Ending work in process 8,200 units to be accounted 42,700 units accounted for 42,700 Equivalent units % mat Materials % CC Conversion Completed & transferred 34,500 100% 34,500 100% 34,500 ending work in process 8,200 100% 8,200 50% 4100 42,700 42,700 38,600 cost per unit Materials CC Total Beginning work in process 18,570 16,430 35,000 cost added during the year 120,205 178500 298,705 total cost 138,775 194,930 333,705 equivalent units 42,700 38,600 cost per unti 3.25 5.05 cost of ending work in process inventory. materials 8200 * 3.25 = 26650 conversion 4,100 * 5.05 = 20705 cost of ending work in process inventory. 47355 cost of goods transferred to finished goods materials 34,500 * 3.25 = 112125 conversion 34,500 * 5.05 = 174225 cost of ending work in process inventory. 286350 cost of ending WIP inventory for conversion 20,705 cost of materials transferred to finished goods 112,125 amount of conversion cost transferred to finished goods 174,225 total cost to be accounted for 333,705 total cost accounted for 333,705

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