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 View transaction list The June 1 work in process inventory consisted of 5,600 units with $21,270 in materials cost and $18,730 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, 38,100 units were started into production. The June 30 work in process inventory consisted of 9,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 2. Prepare the journal entry to record the overhead cost applied to production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Work in Process-Mizing Department Note: Enter debits before credits Transaction 1 Record the overhead cost applied to production. Credit 40,000 Completed and transferred to Finished Goods 131,680 85,500 103,000 General Journal Debil Credit
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 View transaction list The June 1 work in process inventory consisted of 5,600 units with $21,270 in materials cost and $18,730 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, 38,100 units were started into production. The June 30 work in process inventory consisted of 9,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 2. Prepare the journal entry to record the overhead cost applied to production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Work in Process-Mizing Department Note: Enter debits before credits Transaction 1 Record the overhead cost applied to production. Credit 40,000 Completed and transferred to Finished Goods 131,680 85,500 103,000 General Journal Debil Credit
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 2PA: Cost of production report Hana Coffee Company roasts and packs coffee beans. The process begins by...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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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
View transaction list
Debit
The June 1 work in process inventory consisted of 5,600 units with $21,270 in materials cost and $18,730 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, 38,100 units were started into production. The June 30 work in process inventory consisted of
9,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion.
Journal entry worksheet
2. Prepare the journal entry to record the overhead cost applied to production. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field.)
Note: Enter debits before credits
Record the overhead cost applied to production.
Transaction
1
Record entry
Work in Process-Mixing Department
General Journal
Credit
40,000 Completed and transferred to Finished Goods
131,680
85,500
103,000
Cleartry
Debil
7
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fffe1ff22-184c-4945-b7e1-1ec1facec45a%2Fe135b8f8-4881-47d2-9fd5-92af5649dbf8%2Fqcn2e_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
View transaction list
Debit
The June 1 work in process inventory consisted of 5,600 units with $21,270 in materials cost and $18,730 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, 38,100 units were started into production. The June 30 work in process inventory consisted of
9,200 units that were 100% complete with respect to materials and 50% complete with respect to conversion.
Journal entry worksheet
2. Prepare the journal entry to record the overhead cost applied to production. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field.)
Note: Enter debits before credits
Record the overhead cost applied to production.
Transaction
1
Record entry
Work in Process-Mixing Department
General Journal
Credit
40,000 Completed and transferred to Finished Goods
131,680
85,500
103,000
Cleartry
Debil
7
Credit
View general journal
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