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? Clopack Company manufactures one product that goes through one processing department called Mixing. All rawmaterials are introduced at the start of work in the Mixing Department. The company uses the weighted-averagemethod of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcomingquestions pertain to June):Work in Process-Mixing DepartmentDebitCreditCompleted and transferred to Finished GoodsJune 1 balanceMaterials27,000153,25097,500115,000Direct laborOverheadJune 30 balanceThe June 1 work in process inventory consisted of 4,200 units with $14,440 in materials cost and $12,560 in conversioncost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respectto conversion. During June, 36,700 units were started into production. The June 30 work in process inventory consistedof 9,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

SOLUTION WORKING 1- BEGINNING INVENTORY UNITS 4200 ADD- UNITS ADDED CURRENTLY 36700 LESS-…

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

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?

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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