Question

Required information The Foundational 15 (L04-1, LO4-2, LO4-3, LO4-4, LO4-5) [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 Work in Process-Mixing Department 28,000 Completed and transferred to Finished Goods 148, 905 94,500 112, 000 Materials Direct labor Overhead June 30 balance ? The June 1 work in process inventory consisted of 4,500 units with $15,020 in materials cost and $12,980 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, 37,000 units were started into production. The June 30 work in process inventory consisted of 8,600 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

please show work!

Answer 1

Unit transferred out = 4500+37000-8600 = 32900

Equivalent unit of material = 32900+8600 = 41500

Equivalent unit of conversion = 32900+(8600*50%) = 37200

Cost per equivalent unit of material = (15020+148905)/41500 = 3.95

Cost per equivalent unit of conversion = (12980+94500+112000)/37200 = 5.90

date	account and explanation	Debit	Credit
	Finished goods (9.85*32900)	324065
	Work in process-Mixing		324065

15a) Total cost to be accounted for = 28000+355405 = 383405

15b) Total cost accounted for = 324065+59340 = 383405