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 Debit Credit June 1 balance Materials Completed and transferred to Finished Goods 27,000 153,250 97,500 115,000 Direct labor Overhead June 30 balance The June 1 work in process inventory consisted of 4,200 units with $14,440 in materials cost and $12,560 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, 36,700 units were started into production. The June 30 work in process inventory consisted of 9,200 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): Work in Process-Mixing Department Debit Credit June 1 balance Materials Completed and transferred to Finished Goods 27,000 153,250 97,500 115,000 Direct labor Overhead June 30 balance The June 1 work in process inventory consisted of 4,200 units with $14,440 in materials cost and $12,560 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, 36,700 units were started into production. The June 30 work in process inventory consisted of 9,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
What is the cost of materials transferred to finished goods?
What is the total cost to be accounted for?
What is the total cost accounted for?
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):
Work in Process-Mixing Department
Debit
Credit
Completed and transferred to Finished Goods
June 1 balance
Materials
27,000
153,250
97,500
115,000
Direct labor
Overhead
June 30 balance
The June 1 work in process inventory consisted of 4,200 units with $14,440 in materials cost and $12,560 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, 36,700 units were started into production. The June 30 work in process inventory consisted
of 9,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion.
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