question archive THE FOUNDATIONAL 15ClopackCompany manufactures one product that goes through one processing department called Mixing
THE FOUNDATIONAL 15ClopackCompany manufactures one product that goes through one processing department called Mixing
Subject:AccountingPrice: Bought3
THE FOUNDATIONAL 15ClopackCompany 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 to account for units and costs. Its Work in Process T-account for the Mixing Department for June follows (allforthcoming questions pertain to June):The June 1 work in processinventory consisted of 5,000 pounds with $16,000 in materials cost and $12,000 in conversion cost. The June 1 workin process inventory was 100% complete with respect to materials and 50% complete with respect to conversion.During June 37,500 pounds were started into production. The June 30 work in process inventory consisted of 8,000pounds that were 100% complete with respect to materials and 40% complete with respect to conversion.1. Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred.2. Prepare the journal entry to record the overhead cost applied to production.3. How many units were completed and transferred to finished goods during the period?4. Compute the equivalent units of production for materials5. Compute the equivalent units of production for conversion6. What is the amount of the cost of beginning work in process inventory plus the cost added during the period formaterials?7. What is the amount of the cost of beginning work in process inventory plus the cost added during the period forconversion?8. What is the cost per equivalent unit for materials?9. What is the cost per equivalent unit for conversion?10. What is the cost of ending work in process for materials?11. What is the cost of ending work in process for conversion?12. What is the cost of materials transferred to finished goods?13. What is the amount of conversion cost transferred to finished goods?14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.15. What is the total cost to be accounted for? What is the total cost accounted for?
