Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department Completed and transferred out 30,000 142,840 91,500 109,000 ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 3. How many units were completed and transferred to finished goods during the period? ? 3 Part 3 of 10 1.25 points eBook Print References Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Equivalent units of production for materials 4. Compute the equivalent units of production for materials. ? The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. Credit Completed and transferred to Finished Goods 4 Part 4 of 10 1.25 points eBook Print References Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Equivalent units of production for conversion 5. Compute the equivalent units of production for conversion. Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. ? 5 Part 5 of 10 1.25 points eBook Print References Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department Cost per equivalent unit 30,000 142,840 91,500 109,000 Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 9. What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.) ? 6 Part 6 of 10 1.25 points eBook Print ច References Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced 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): June 1 balance Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Cost of ending work-in-process inventory for materials ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 10. What is the cost of ending work in process inventory for materials? (Round your intermediate calculations to 2 places.) ? 7 Part 7 of 10 1.25 points eBook Print ច References ! Required information [The following information applies to the questions displayed below.] 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): June 1 balance. Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department Credit 30,000 Completed and transferred to Finished Goods 142,840 91,500 109,000 Cost of ending work-in-process inventory for conversion ? The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 11. What is the cost of ending work in process inventory for conversion? (Round your intermediate calculations to 2 places.) ? 8 Part 8 of 10 1.25 points eBook Print References Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Cost of materials transferred to finished goods ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 12. What is the cost of materials transferred to finished goods? (Round your intermediate calculations to 2 places.) ? 9 Part 9 of 10 1.25 points eBook Print References ! Required information [The following information applies to the questions displayed below.] 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): June 1 balance. Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Conversion cost transferred to finished goods ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 13. What is the amount of conversion cost transferred to finished goods? (Round your intermediate calculations to 2 places.) ? 10 Part 10 of 10 1.25 points eBook Print ܘ References ! Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance. Debit 15-a. What is the total cost to be accounted for? 15-b. What is the total cost accounted for? a. Total cost to be accounted for b. Total cost accounted for Work in Process-Mixing Department Credit 30,000 Completed and transferred to Finished Goods 142,840 91,500 109,000 ? The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. ? 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): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department Completed and transferred out 30,000 142,840 91,500 109,000 ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 3. How many units were completed and transferred to finished goods during the period? ? 3 Part 3 of 10 1.25 points eBook Print References Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Equivalent units of production for materials 4. Compute the equivalent units of production for materials. ? The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. Credit Completed and transferred to Finished Goods 4 Part 4 of 10 1.25 points eBook Print References Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Equivalent units of production for conversion 5. Compute the equivalent units of production for conversion. Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. ? 5 Part 5 of 10 1.25 points eBook Print References Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department Cost per equivalent unit 30,000 142,840 91,500 109,000 Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 9. What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.) ? 6 Part 6 of 10 1.25 points eBook Print ច References Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced 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): June 1 balance Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Cost of ending work-in-process inventory for materials ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 10. What is the cost of ending work in process inventory for materials? (Round your intermediate calculations to 2 places.) ? 7 Part 7 of 10 1.25 points eBook Print ច References ! Required information [The following information applies to the questions displayed below.] 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): June 1 balance. Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department Credit 30,000 Completed and transferred to Finished Goods 142,840 91,500 109,000 Cost of ending work-in-process inventory for conversion ? The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 11. What is the cost of ending work in process inventory for conversion? (Round your intermediate calculations to 2 places.) ? 8 Part 8 of 10 1.25 points eBook Print References Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Cost of materials transferred to finished goods ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 12. What is the cost of materials transferred to finished goods? (Round your intermediate calculations to 2 places.) ? 9 Part 9 of 10 1.25 points eBook Print References ! Required information [The following information applies to the questions displayed below.] 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): June 1 balance. Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department 30,000 142,840 91,500 109,000 Conversion cost transferred to finished goods ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 13. What is the amount of conversion cost transferred to finished goods? (Round your intermediate calculations to 2 places.) ? 10 Part 10 of 10 1.25 points eBook Print ܘ References ! Required information [The following information applies to the questions displayed below.] 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): June 1 balance Materials Direct labor Overhead June 30 balance. Debit 15-a. What is the total cost to be accounted for? 15-b. What is the total cost accounted for? a. Total cost to be accounted for b. Total cost accounted for Work in Process-Mixing Department Credit 30,000 Completed and transferred to Finished Goods 142,840 91,500 109,000 ? The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 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, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion. ?
Expert Answer:
Answer rating: 100% (QA)
3 To compute the number of units completed and transferred to finished goods we use the following formula Completed and transferred out Units started Beginning WIP Ending WIP Units started 37300 units ... View the full answer
Related Book For
Introduction to Managerial Accounting
ISBN: 978-0078025792
7th edition
Authors: Peter Brewer, Ray Garrison, Eric Noreen
Posted Date:
Students also viewed these accounting questions
-
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...
-
1. Compute the equivalent units of production for materials and for conversion. 2. For materials, what is the sum of the cost of beginning work in process inventory plus the cost added during the...
-
Bad research leads to bad decision-making for businesses. How could the following lead to bad outcomes for a company: (1) Bad sampling methodology, (2) Improper definition or measurement of...
-
The passage indicates that the late 1850s Democrats: F. Were all Southern slaveholders who wanted to expand slavery into the territories. G. Used legislation in the early 1850s to support their...
-
In Example 33.1 the water-glass interface is horizontal. If instead this interface were tilted 15.0o above the horizontal with the right side higher than the left side, what would be the angle from...
-
The following data are real. The cumulative number of AIDS cases reported for Santa Clara County is broken down by ethnicity as in Table 11.23. H 0 : _______ Ethnicity White Hispanic Number of Cases...
-
Describe or define the four basic financial statements: 1. Income statement 2. Balance sheet 3. Statement of shareholders equity 4. Statement of cash flow Discuss how the four statements are...
-
Staci Valek began dabbling in pottery several years ago as a hobby. Her work is quite creative, and it has been so popular with friends and others that she has decided to quit het job is $3,800 per...
-
Hello, Please assist. 1. Marie, an employee at McCormick, has determined that she will need $5000 per month in retirement over a 30-year period. She has forecasted that her money will earn 7.2%...
-
Using the information in Table 7.1, construct another table showing how a lump-sum franchise tax of $30 affects the various average cost curves of the firm. Table 7.1 Average Variable Cost, AVC =...
-
Your estimate of the market risk premium is 6%. The risk-free rate of return is 5% and General Motors has a beta of 1.2. What is General Motors' cost of equity capital?
-
A company that produces cell phones has a cost function of C=22x-418x + 10953, where C is the cost in dollars and x is the number of cell phones produced (in thousands). How many units of cell phone...
-
Macy Corporation's relevant range of activity is 8,100 units to 16,500 units. When it produces and sells 12,300 units, its average costs per unit are as follows: Average Cost per Unit Direct...
-
Banking email marketing helps you personalize customer experiences based on customer preferences and data and interaction with the financial services provider, Explain the Email Marketing Strategies...
-
in Java, Can we rewrite code from powerMock to Mokito only for the Test Case? If yes, How to do it? Let do the code below OjectMapper mockMapper = mock(OjectMapper.class);...
-
Mold grows on bread as an expanding circle, with the rate of growth proportional to the circumference of the circle. In other words, if A is the area of the mold, and C is the circumference. A'= kC....
-
1 . Journalize the following transactions: ( a ) Issued 1 , 0 0 0 shares of $ 1 0 par common stock at $ 5 9 for cash. ( b ) Issued 1 , 4 0 0 shares of $ 1 0 par common stock in exchange for equipment...
-
Why do markets typically lead to an efficient outcome for buyers and sellers?
-
Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations: a. The budgeted selling price per unit is $70....
-
The Lakeshore Hotel's guest-days of occupancy and custodial supplies expense over the last seven months were: Guest-days is a measure of the overall activity at the hotel. For example, a guest who...
-
Rocky Mountain Corporation makes two types of hiking boots-Xactive and Pathbreaker. Data concerning these two product lines appear below: The company has a conventional costing system in which...
-
Which of the following is not a cash equivalent? a. Short-term U.S. Treasury bill b. Short-term certificate of deposit c. Money-market account d. IBM common stock
-
Which of the following methods will disclose the cash received from customers in the statement of cash flows? a. Indirect method b. Reconciliation method c. Direct method d. Both direct and indirect...
-
Which of the following expenses are not added back to net income when using the indirect method to prepare a statement of cash flows? a. Amortization expense b. Depletion expense c. Interest expense...
Study smarter with the SolutionInn App