What is the cost of beginning work in process inventory plus the cost added during the period for materials?What is the cost per equivalent unit for materials?What is the cost of ending work in process inventory for materials? Clopack Company manufactures one product that goes through one processing department called Mixing. All rawmaterials are introduced at the start of work in the Mixing Department. The company uses the weighted-averagemethod of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcomingquestions pertain to June):Work in Process-Mixing DepartmentDebitCreditCompleted and transferred to Finished GoodsJune 1 balanceMaterials27,000153,25097,500115,000Direct laborOverheadJune 30 balanceThe June 1 work in process inventory consisted of 4,200 units with $14,440 in materials cost and $12,560 in conversioncost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respectto conversion. During June, 36,700 units were started into production. The June 30 work in process inventory consistedof 9,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

The equivalent units are calculated on the basis of percentage of the work completed during the…

What is the cost of beginning work in process inventory plus the cost added during the period for materials? What is the cost per equivalent unit for materials? What is the cost of ending work in process inventory for materials?

What is the cost of beginning work in process inventory plus the cost added during the period for materials? What is the cost per equivalent unit for materials? What is the cost of ending work in process inventory for materials?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following is the correct flow of manufacturing costs? * Raw materials, work in process, finished goods, cost of goods sold Raw materials, finished goods, cost of goods sold, work in process Work in process, finished goods, raw materials, cost of goods sold Cost of goods sold, raw materials, work in process, finished goods
Is manufacturing overhead cost given to tasks based on a precise determination of each job's overhead cost or on an estimation? Explain.
What is the difference between a Job Order Cost System and a Process Cost System? Give an example of a product made under each system.
Which of the following statements regarding process costing are true? 1. When computing the cost per equivalent unit of production, it is necessary to consider the percentage of completion of the units in beginning inventory. II. When computing the cost per equivalent unit of production, prior period costs are combined with current period costs. III. When all materials are added at the beginning of the production process, the equivalent units of production for materials is equal to the units completed and transferred out. Statements I and II are true. O Only Statement Il is true. O Only Statement Ill is true. O Statements II and III are true.
Requirements: A. What is the total Equivalent production for Materials? B. What is the total Equivalent production for Conversion? C. What is the total Cost per unit to be used for allocation? D. What is the total cost of completed and transferred that will be carried to the next department/finished goods inventory? E. What is the total cost of in process ending for the period? F. What is the equivalent production of In process, end for Conversion? G. What is the equivalent production of competed and transferred for Materials? H. How much cost from losses will be added to completed and transferred?
Cost of Goods Sold that are NOT part of Goods Available for Sale are included in A. Work-in-Process Inventory beginning balance B. Work-in Process Inventory ending balance C. Direct Labor D. Finished Goods Inventory ending balance Given the following data, what is the cost of goods manufactured? Beginning Raw Materials Inventory Ending Raw Materials Inventory Beginning Work-in-Process Inventory Ending Work-in-Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Manufacturing Overhead Direct Labor Raw Materials used in production A. $125,000 B. $141,000 12:03 C. $146,000 D. $151,000 $6,000 9,000 12,000 17,000 3,000 5,000 21,000 30,000 95,000 12:03
n the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. Compute the cost of direct labor used for the period. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.
A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work in Process inventory account and then into the Finished Goods inventory account beforeappearing on the income statement as part of Cost of Goods Sold.
Which of the following are steps in process costing? Question 5 options: A) Visualize the physical flow of units B) Calculate the equivalent units C) Determine the per-unit costs D) Calculate the Cost of Goods Manufactured and the Ending WIP Inventory E) All of the above
based on the attached what is the answer?
The categories of manufacturing costs comprising the total cost of work in process inventory are which of the following? Group of answer choices Selling expenses Direct costs General and administrative expenses Direct labor, direct materials, and manufacturing overhead
9. The entry to record a transfer of direct materials for use in production would include a debit to which account? O finished goods inventory O materials inventory O work-in-process inventory O cost of goods manufactured