Clopack Company manufactures one product that goes through one processing department calledMixing. All raw materials are introduced at the start of work in the Mixing Department. The companyuses the weighted-average method of process costing. Its Work in Process T-account for the MixingDepartment for June follows (all forthcoming questions pertain to June):Work in Process-Mixing DepartmentJune 1 balanceMaterialsDirect laborOverheadJune 30 balanceDebitFoundational 5-5 (Static)Credit28,000 Completed and transferred toFinished Goods120,00079,50097,000The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and$12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect tomaterials and 50% complete with respect to conversion. During June, 37,500 units were started intoproduction. The June 30 work in process inventory consisted of 8,000 units that were 100% completewith respect to materials and 40% complete with respect to conversion.Equivalent units of production for conversion5. Compute the equivalent units of production for conversion.?

The objective of the question is to calculate the equivalent units of production for conversion.…

Answered: Clopack Company manufactures one…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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please solve it using weighted average method while showing T-accounts and every step. solve it ASAP! S C Smith Company reported the following activity in the Assembly Department for the month of June: Work in process, June 1 Units started into production in June Units completed and transferred out of Department A during June Work in process, June 30 Units 300 6,000 5,400 900 Percent Completed Materials Conversion 20% 40% 60% 30%
Longboard Company has a process costing system. All materials are introduced at the beginning of the process in Department One. The following information is available for the month of January Work in process, July 1 (408 complete for conversion) Started Completed and transferred to Department 2 Work in process, July 31 (60% complete for conversion) What are the equivalent units for the month of July if the company uses the FIFO method? Multiple Choice Materials 2.280 and Conversion 1.900 O Materials 2,280 and Conversion 1.936 Materials 2.280 and Conversion 2.088 Materies 1,900 and Conversion 1936 Units Male 1900 and Conversion 2.08 380 1,900 1,800 480
The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $35,700 of direct materials. ACCOUNT Work in Process-Forging Department Date Nov. Item 1 Bal., 3,400 units, 60% completed 30 Direct materials, 31,000 units 30 Direct labor 30 Factory overhead 30 Goods finished, 2 units 30 Bal., 2,700 units, 80% completed LA Debit 316,200 33,410 46,140 Credit ? ACCOUNT NO. Balance Debit Credit 40,596 356,796 390,206 436,346 ? ? a. Determine the number of units transferred to the next department. units b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of conversion c. Determine the cost of units started and completed in November.
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The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $82,770 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 8,900 units, 50% completed 98,790 30 Direct materials, 81,000 units 729,000 827,790 30 Direct labor 130,580 958,370 30 Factory overhead 180,331 ? 1,138,701 ? 30 Goods finished, ? units ? 30 Bal., 7,100 units, 80% completed
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Required information [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 Debit Work in Process-Mixing Department Credit 27,000 Completed and transferred to Finished Goods 151, 100 95,500 113,000 ? Conversion cost transferred to finished goods The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 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, 36,900 units were started into production. The…
Required information [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 Debit Work in Process-Mixing Department Total cost of conversion Credit 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…
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 28,000 June 1 balance Materials Direct labor Overhead June 30 balance Debit 120,000 79,500 97,000 Foundational 5-7 (Static) Credit Completed and transferred to Finished Goods ? The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and $12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 50% complete with respect to conversion. During June, 37,500 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and…
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 4-14 (Algo) Work in Process-Mixing Department 27,000 154,205 98,500 116,000 ? Credit Completed and transferred to Finished Goods 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…
Required Information [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 Debit Cost per equivalent unit Work in Process-Mixing Department 25,000 157,080 99,500 117,000 The June 1 work in process Inventory consisted of 4,000 units with $13,020 in materials cost and $11,980 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, 36,500 units were started into production. The June 30 work in process inventory consisted of 9,600 units that were 100%…
The ABC Company manufactures stationary that goes through two processing stages prior to completion. It uses weighted-average method for process costing. Information on work in the first department, Department A is given below for June: Units Materials Conversion Work in process inventory, 1 June 8,000 40% 60% Work in process inventory, 30 June 10,000 60% 40% Materials Conversion Work in process inventory, 1 June $12,220 $10,200 Cost added during June $109,460 $97,920 During June, 100,000 units were started in Department A. Required: a) Determine the number of units completed and transferred to the next department in June. b) Determine the equivalent units for June for Department A. c) Compute the costs per equivalent unit for June for Department A. (2 marks) (6 marks) (4 marks)

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