[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 I cost of conversion 27,000 151, 100 95,500 113,000 Credit Completed and transferred to Finished Goods ? The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 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, 36,900 units were started into production. The June 30 work in process inventory consisted of 8,800 units that were 100% complete with respect to materials and 50% complete with respect to conversion. mat is the cost of beginning work in process inventory plus the cost added during the period for conversion?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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[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
Total cost of conversion
27,000
151, 100
95,500
113,000
Credit
Completed and transferred to
Finished Goods
The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 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, 36,900 units were started into production. The June 30 work in process inventory consisted
of 8,800 units that were 100% complete with respect to materials and 50% complete with respect to conversion.
7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion?
Drow
7
O
Sa
15
?
of 15
HH
Next >
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 Work in Process-Mixing Department Total cost of conversion 27,000 151, 100 95,500 113,000 Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 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, 36,900 units were started into production. The June 30 work in process inventory consisted of 8,800 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion? Drow 7 O Sa 15 ? of 15 HH Next >
Expert Solution
Step 1 Introduction

As per weighted average method, the total cost of process comprises of beginning WIP and costs incurred during the period. The unit cost is calculated as total cost of process divided by number of units processed on percentage basis.

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