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Clopack Company_process Costing MCQs

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Question;1. 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);Work in Process?Mixing Department;June 1;balance;28,000;Completed;and transferred;?;Materials;120,000;to;Finished Goods;Direct;labor;79,500;Overhead;97,000;June 30;balance;?;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 labor cost incurred.;2. 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 entry to record the overhead cost applied;to production.;3. 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.;How many units were completed and transferred to finished;goods during the period?;4. 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.;Compute the equivalent units of production for materials?;5. 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.;Compute the equivalent units of production for conversion.;6. 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.;What is the amount of the cost of beginning work in process;inventory plus the cost added during the period for materials?;7. 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.;What is the amount of the cost of beginning work in process;inventory plus the cost added during the period for conversion?;8. 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.;What is the cost per equivalent unit for materials? (Round;your answer to 2 decimal places.);9. 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.;What is the cost per equivalent unit for conversion?;10. 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.;What is the cost of ending work in process for materials? (Do;not round your intermediate calculation.);11. 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.;What is the cost of ending work in process for conversion?;12. 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;What is the cost of materials transferred to finished goods?;13. 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.;What is the amount of conversion cost transferred to finished;goods?;14. 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 entry to record the transfer of costs;from Work in Process to Finished Goods. (Do not round your intermediate;calculation.);15. 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.;15-a. What is the;total cost to be accounted for? (Do not round your intermediate calculation.);15-b. What is the;total cost accounted for? (Do not round your intermediate calculation.)

 

Paper#37262 | Written in 18-Jul-2015

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