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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please answer both questions!.
![Required information
The Foundational 15 (Algo) [LO4-1, LO4-2, LO4-3, LO4-4, 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
Debit
Work in Process-Mixing Department
Cost per equivalent unit
The June 1 work in process inventory includes 5,500 units with $21,750 in materials cost and $18,250 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, 38,000 units were started into production. The June 30 work in process inventory consisted of
9,000 units 100% complete with respect to materials and 50% complete with respect to conversion.
Foundational 4-9 (Algo)
9. What is the cost per equivalent unit for conversion?
Note: Round your answer to 2 decimal places.
Credit
40,000 Completed and transferred to Finished Goods
128,325
84,500
102,000](https://content.bartleby.com/qna-images/question/c9737efd-391f-457a-98f6-aa044a0527f1/24477fc5-c511-4bea-94ae-ec429470547f/vk2toxc_thumbnail.jpeg)
Transcribed Image Text:Required information
The Foundational 15 (Algo) [LO4-1, LO4-2, LO4-3, LO4-4, 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
Debit
Work in Process-Mixing Department
Cost per equivalent unit
The June 1 work in process inventory includes 5,500 units with $21,750 in materials cost and $18,250 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, 38,000 units were started into production. The June 30 work in process inventory consisted of
9,000 units 100% complete with respect to materials and 50% complete with respect to conversion.
Foundational 4-9 (Algo)
9. What is the cost per equivalent unit for conversion?
Note: Round your answer to 2 decimal places.
Credit
40,000 Completed and transferred to Finished Goods
128,325
84,500
102,000
![Required information
The Foundational 15 (Algo) [LO4-1, LO4-2, LO4-3, LO4-4, 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
Debit
Foundational 4-10 (Algo)
Work in Process-Mixing Department
40,000
128, 325
84,500
102,000
The June 1 work in process inventory includes 5,500 units with $21,750 in materials cost and $18,250 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, 38,000 units were started into production. The June 30 work in process inventory consisted of
9,000 units 100% complete with respect to materials and 50% complete with respect to conversion.
Cost of ending work-in-process inventory for materials
10. What is the cost of ending work in process inventory for materials?
Note: Round your intermediate calculations to 2 places.
Credit
Completed and transferred to Finished Goods](https://content.bartleby.com/qna-images/question/c9737efd-391f-457a-98f6-aa044a0527f1/24477fc5-c511-4bea-94ae-ec429470547f/g95xlsm_thumbnail.jpeg)
Transcribed Image Text:Required information
The Foundational 15 (Algo) [LO4-1, LO4-2, LO4-3, LO4-4, 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
Debit
Foundational 4-10 (Algo)
Work in Process-Mixing Department
40,000
128, 325
84,500
102,000
The June 1 work in process inventory includes 5,500 units with $21,750 in materials cost and $18,250 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, 38,000 units were started into production. The June 30 work in process inventory consisted of
9,000 units 100% complete with respect to materials and 50% complete with respect to conversion.
Cost of ending work-in-process inventory for materials
10. What is the cost of ending work in process inventory for materials?
Note: Round your intermediate calculations to 2 places.
Credit
Completed and transferred to Finished Goods
Expert Solution
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