IThe following information applies to the questions displayed below.] Clopack Company manufactures one product that...
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IThe 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 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 Department June 1 balance 40,000 Completed and transferred to Finished Goods Materials 125,000 83,500 Direct labor 101,000 Overhead June 30 balance The June 1 work in process inventory consisted of 5,400 pounds with $22.220 in materials cost and $17780 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, 37900 pounds were started into production. The June 30 work in process inventory consisted of 8.800 pounds that were 100% complete with respect to materials and 50% complete with respect to conversion
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