Prepare the journal entries to record the raw materials used

Assignment Help Financial Accounting

Reference no: EM131288617

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 to account for units and costs. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June):

June 1 balance: 28,000/ Materials: 120,000/ Direct Labour: 79,500/ Overhead: 97,000/ June 30 Balance: ?/ Completed and transferred to finished goods: ?.

The June 1 work in process inventory consisted of 5,000 pounds 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 pounds were started into production. The June 30 work in process inventory consisted of 8,000 pounds that were 100% complete with respect to materials and 40% complete with respect to conversion.

Prepare the journal entries to record the raw materials used in production and the direct labour cost incurred.

Reference no: EM131288617

Questions Cloud

Write a message to scott that informs him of shipment delay : Write a message to Scott that informs him of the shipment delay. The message should explain that Lucia thinks that Scott should hold off on the corporate job and start the Herbert Street job instead.

Received nontaxable stock dividend : On July 1, year 1, Lila Perl paid $90,000 for 450 shares of Janis Corporation common stock. Lila received a nontaxable stock dividend of 50 new common shares in November of year 4. On December 20, year 5, Lila sold the 50 new shares for $11,000. What..

Limits to the us long-term economic growth : In your own words with APA format reference. What are the limits to the U.S. long-term economic growth? Is there anything that our government can do to address these limits, or would it be a bad idea to try? 250 words please.

Compare and contrast core beliefs and secondary beliefs : Compare and contrast core beliefs/values and secondary beliefs/values. Provide an example of each and discuss the potential impact marketers have on each.

Prepare the journal entries to record the raw materials used : 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 to account for units and ..

Recent economics article : Please write a one page summary of the article below. Please incorporate Macro economics principles or theories. If the below article is not desirable please choose a recent economics article from cnn.com to complete the request. Please properly ..

At what point does behavior become challenging : At what point does behavior become challenging? Include at least 3 examples of challenging behavior that are commonly seen in young children.

Respond to the given thoery on real life : Respond to the Given Thoery on real life

Abnormal inventory shrinkage in audiovisual department : Abnormal inventory shrinkage in the audiovisual department at a retail chain store led internal auditors to conduct an in -depth audit of the department. They learned that one customer frequently bought large numbers of small electronic components fr..

User Account

All Pages