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 methc 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 Dundational 4-13 (Algo) Work in Process-Mixing Department The June 1 work in process inventory includes 4,100 units with $14,700 in materials cost and $12,300 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, 36,600 units were started into production. The June 30 work in process inventory consisted of 9,400 units 100% complete with respect to materials and 50% complete with respect to conversion. Conversion cost transferred to finished goods Credit 27,000 Completed and transferred to Finished Goods 154,205 98,500 116,000 3. What is the amount of conversion cost transferred to finished goods? ote: Round your intermediate calculations to 2 places. **************

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Domestic 

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
Foundational 4-13 (Algo)
Work in Process-Mixing Department
27,000
154,205
98,500
116,000
The June 1 work in process inventory includes 4,100 units with $14,700 in materials cost and $12,300 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, 36,600 units were started into production. The June 30 work in process inventory consisted of
9,400 units 100% complete with respect to materials and 50% complete with respect to conversion.
Conversion cost transferred to finished goods
Credit
Completed and transferred to Finished Goods
13. What is the amount of conversion cost transferred to finished goods?
Note: Round your intermediate calculations to 2 places.
?
Transcribed Image Text: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 Foundational 4-13 (Algo) Work in Process-Mixing Department 27,000 154,205 98,500 116,000 The June 1 work in process inventory includes 4,100 units with $14,700 in materials cost and $12,300 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, 36,600 units were started into production. The June 30 work in process inventory consisted of 9,400 units 100% complete with respect to materials and 50% complete with respect to conversion. Conversion cost transferred to finished goods Credit Completed and transferred to Finished Goods 13. What is the amount of conversion cost transferred to finished goods? Note: Round your intermediate calculations to 2 places. ?
Expert Solution
steps

Step by step

Solved in 3 steps with 4 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education