Question

13. What is the amount of conversion cost transferred to finished goods? (Round your intermediate calculations to 2 places.)

14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

15-a. What is the total cost to be accounted for?

15-b. What is the total cost accounted for?

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
June 1 balance	36,000	Completed and transferred to Finished Goods	?
Materials	122,440
Direct labor	81,500
Overhead	99,000
June 30 balance	?

The June 1 work in process inventory consisted of 5,200 units with $19,130 in materials cost and $16,870 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, 37,700 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

unit completed and transferred out = 5200+37700-8400 = 34500

Equivalent unit of material = 34500+8400 = 42900

Equivalent unit of conversion = 34500+4200 = 38700

Cost per equivalent unit of material = (19130+122440)/42900 = 3.3

Cost per equivalent unit of conversion = (16870+81500+99000)/38700 = 5.10

13) Amount of conversion Cost transferred to finished goods = 5.1*34500 = 175950

14) Journal entry

Date	account and explanation	Debit	Credit
	Finished goods (8.4*34500)	289800
	Work in process-Mixing		289800
	(To record cost transferred)

15a) Total cost to be accounted for = 338940

Total Cost accounted for = 338940