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 ertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department 40,000 128,325 84,500 102,000 Credit Completed and transferred to Finished Goods 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 ,000 units 100% complete with respect to materials and 50% complete with respect to conversion.
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 ertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Debit Work in Process-Mixing Department 40,000 128,325 84,500 102,000 Credit Completed and transferred to Finished Goods 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 ,000 units 100% complete with respect to materials and 50% complete with respect to conversion.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Topic Video
Question
Please answer both questions!.
![**Required Information**
**The Foundational 15 (Algo) [LO4-1, 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):
| Work in Process—Mixing Department |
|-----------------------------------|
| **Debit** | **Credit** |
| June 1 balance | 40,000 | Completed and transferred to Finished Goods | ? |
| Materials | 128,325 | | |
| Direct labor | 84,500 | | |
| Overhead | 102,000 | | |
| June 30 balance | ? | | |
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.
**Foundational 4-8 (Algo)**
8. What is the cost per equivalent unit for materials?
**Note: Round your answer to 2 decimal places.**
| Cost per equivalent unit for materials | ________ |](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc9737efd-391f-457a-98f6-aa044a0527f1%2F62203b84-95d4-4a60-be47-3bb724228562%2F3mzgevk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Required Information**
**The Foundational 15 (Algo) [LO4-1, 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):
| Work in Process—Mixing Department |
|-----------------------------------|
| **Debit** | **Credit** |
| June 1 balance | 40,000 | Completed and transferred to Finished Goods | ? |
| Materials | 128,325 | | |
| Direct labor | 84,500 | | |
| Overhead | 102,000 | | |
| June 30 balance | ? | | |
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.
**Foundational 4-8 (Algo)**
8. What is the cost per equivalent unit for materials?
**Note: Round your answer to 2 decimal places.**
| Cost per equivalent unit for materials | ________ |
![### Required Information
**The Foundational 15 (Algo) [LO4-1, 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):
#### Work in Process - Mixing Department
| Debit | Credit |
|-------------------------------|----------------------------------------------------------|
| June 1 balance: 40,000 | Completed and transferred to Finished Goods: ? |
| Materials: 128,325 | |
| Direct labor: 84,500 | |
| Overhead: 102,000 | |
| June 30 balance: ? | |
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.
### Foundational 4-7 (Algo)
7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion?
- **Total cost of conversion:** [Input box for answer]
### Diagram Explanation
The table displays a T-account for the Work in Process account in the Mixing Department, detailing the debits for materials, direct labor, and overhead, with an unknown balance for completed goods transferred out and the ending balance for June 30. The description provides additional context on units and completion percentages for the beginning and end of the period.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc9737efd-391f-457a-98f6-aa044a0527f1%2F62203b84-95d4-4a60-be47-3bb724228562%2Fih8ceco_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Required Information
**The Foundational 15 (Algo) [LO4-1, 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):
#### Work in Process - Mixing Department
| Debit | Credit |
|-------------------------------|----------------------------------------------------------|
| June 1 balance: 40,000 | Completed and transferred to Finished Goods: ? |
| Materials: 128,325 | |
| Direct labor: 84,500 | |
| Overhead: 102,000 | |
| June 30 balance: ? | |
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.
### Foundational 4-7 (Algo)
7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion?
- **Total cost of conversion:** [Input box for answer]
### Diagram Explanation
The table displays a T-account for the Work in Process account in the Mixing Department, detailing the debits for materials, direct labor, and overhead, with an unknown balance for completed goods transferred out and the ending balance for June 30. The description provides additional context on units and completion percentages for the beginning and end of the period.
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