Question

! Required information The Foundational 15 (Algo) (L04-1, LO4-2, L04-3, L04-4, 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 Work in Process-Mixing Department 28,000 Completed and transferred to Finished Goods 147,630 93,500 111,000 The June 1 work in process inventory consisted of 4,600 units with $15,000 in materials cost and $13,000 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, 37,100 units were started into production. The June 30 work in process inventory consisted of 8,400 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

Answer 1

1.

Account Titles	Debit	Credit
Work in Process Inventory	$        241,130
Raw Material Inventory		$     147,630
Wages Payable		$       93,500

2.

Account Titles	Debit	Credit
Work in Process Inventory	$        111,000
Manufacturing Overhead		$     111,000

3.
Units Completed and transferred = 4600+37100-8400 = 33300 units

Answers for 4-13, 15

	Physical units	Material	Conversion
Work in Process Beginning	4600
Started during the period	37100
To account for	41700
Units transferred	33300	33300	33300
Work in Process Ending	8400	8400	4200
Accounted for	41700
Equivalent units		41700	37500
	Material	Conversion	Total
Cost of Beginning Work in Process	$          15,000	$          13,000	$          28,000
Cost added during the period	$        147,630	$        204,500	$        352,130
Total Cost to account for	$       162,630	$       217,500	$       380,130
Equivalent units of Production	41700	37500
Cost per equivalent unit	$              3.90	$              5.80	$              9.70
	Material	Conversion	Total
Units Completed and transferred out
Units transferred to next department	33300	33300
Cost per equivalent unit	$              3.90	$              5.80
Cost of units transferred out	$       129,870	$       193,140	$       323,010
	Material	Conversion	Total
Ending work in Process Inventory
Equivalent units of Production	8400	4200
Cost per equivalent unit	$              3.90	$              5.80
Cost of Ending work in Process Inventory	$          32,760	$          24,360	$          57,120
Total Costs Accounted for	$       162,630	$       217,500	$       380,130

14.

Account Titles	Debit	Credit
Finished Goods Inventory	$        323,010
Work in Process Inventory		$     323,010

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