Question

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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):

Work in Process—Mixing Department
June 1 balance  
45,000

Completed and transferred
to Finished Goods   ?
Materials   140,400        
Direct labor   89,500        
Overhead   107,000        
June 30 balance   ?        

The June 1 work in process inventory consisted of 6,000 units with $24,250 in materials cost and $20,750 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, 38,500 units were started into production. The June 30 work in process inventory consisted of 10,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

Required:

1. Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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. What is the cost of beginning work in process inventory plus the cost added during the period for materials?

7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion?

8. What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.)

10. What is the cost of ending work in process inventory for materials? (Round your intermediate calculations to 2 places.)

11. What is the cost of ending work in process inventory for conversion? (Round your intermediate calculations to 2 places.)

12. What is the cost of materials transferred to finished goods? (Round your intermediate calculations to 2 places.)

13. What is the amount of conversion cost transferred to finished goods? (Round your intermediate calculations to 2 places.)

14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

15-a. What is the total cost to be accounted for?

15-b. What is the total cost accounted for?

Answer 1

Below table shows the desired results: -

i Transaction 3. B C D Particulars Debit Credit Work in Process - Mixing 140,400 Raw materials Inventory 140.400 (to record the raw materials used in production) Work in process - Mixing 89,500 Wages Payable 89.500 (to record the direct labor cost incurred) Work in process - Mixing 107.000 Manufacturing Overhead 107.000 (to record the overhead cost applied to production) Calculation of units completed and transferred to finished goods Pounds Work in process 6,000 Started into production during the month 38,500 Total pounds in process 44,500 Deduct work in process, june 30 (10,000) Completed and transferred out during the month 34.500 Equivalent Units Materials Conversion Units transferred out 34,500 34,500 Work in process, ending 10,000 5,000 Equivalent units of production | 44,500 39,500 4 & 5 6 & 7 Cost of beginning work in process Cost added during the period Total Cost 89,500+107,000 = 196,500 Materials 24.250 140.400 164.650 Conversion 20.750 196,500 217.250

Please ask multiple questions separately.