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 View transaction list Credit 40,000 Completed and transferred to Finished Goods 128,325 84,500 102,000 7 The June 1 work in process inventory includes 5,500 units with $21,750 in materials cost and $18,250 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, 38,000 units were started into production. The June 30 work in process inventory consisted of 9,000 units 100% complete with respect to materials and 50% complete with respect to conversion. 2. Prepare the journal entry to record the overhead cost applied to production. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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 View transaction list Credit 40,000 Completed and transferred to Finished Goods 128,325 84,500 102,000 7 The June 1 work in process inventory includes 5,500 units with $21,750 in materials cost and $18,250 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, 38,000 units were started into production. The June 30 work in process inventory consisted of 9,000 units 100% complete with respect to materials and 50% complete with respect to conversion. 2. Prepare the journal entry to record the overhead cost applied to production. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
View transaction list
Work in Process-Mixing Department
Credit
40,000 Completed and transferred to Finished Goods
128,325
84,500
102,000
The June 1 work in process inventory includes 5,500 units with $21,750 in materials cost and $18,250 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, 38,000 units were started into production. The June 30 work in process inventory consisted of
9,000 units 100% complete with respect to materials and 50% complete with respect to conversion.
Journal entry worksheet,
2
2. Prepare the journal entry to record the overhead cost applied to production.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faadd23fc-54ac-4ee8-94d2-3a947a8bc409%2F6bf737ec-faa5-40a6-8247-c408f09bf296%2Fxaet1z6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
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
View transaction list
Work in Process-Mixing Department
Credit
40,000 Completed and transferred to Finished Goods
128,325
84,500
102,000
The June 1 work in process inventory includes 5,500 units with $21,750 in materials cost and $18,250 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, 38,000 units were started into production. The June 30 work in process inventory consisted of
9,000 units 100% complete with respect to materials and 50% complete with respect to conversion.
Journal entry worksheet,
2
2. Prepare the journal entry to record the overhead cost applied to production.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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