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 4-3 (Algo) 3. How many units were completed and transferred to finished goods? Completed and transferred out
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.
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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):
June 1 balance
Materials
Direct labor
Overhead
June 30 balance
Foundational 4-3 (Algo)
Debit
Work in Process-Mixing Department
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.
Completed and transferred out
Credit
40,000 Completed and transferred to Finished Goods
128,325
84,500
102,000
?
3. How many units were completed and transferred to finished goods?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc9737efd-391f-457a-98f6-aa044a0527f1%2F597ce896-f83d-4e51-b5e8-a41760ccec0a%2Fq5kxoxj_processed.jpeg&w=3840&q=75)
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