Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Timekeeper Inc manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must

Timekeeper Inc manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process Conversion costs are allocated evenly throughout production Timekeeper Inc uses weighted average costing Data for the Assembly Department for June 2020 are Work in process, beginning inventory Direct materials (100% complete) Conversion costs (45% complete) Units started in June Work in process, ending inventory Direct materials (100% complete) Conversion costs (00% complete) 340 units 970 units 190 units OA. $1,005,000 OB. $1.141.000 OC. $228,500 OD. $1,233.500 K Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Timekeeper Inc uses weighted-average costing Data for the Assembly Department for June 2020 are Work in process, beginning inventory Direct materials (100% complete) Conversion costs (45% complete) Units started in June Work in process, ending inventory Direct materials (100% complete) Conversion costs (80% complete) Costs for June 2020 340 units 970 units 190 units Work in process, beginning inventory Direct materials $92,500 Conversion costs $136,000 Direct materials costs added during June 1 $602.500 Conversion costs added during June $402.500 What is the total amount debited to the Work-in-Process account during the month of June

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cima Official Exam Practice Kit Financial Operations

Authors: Jo Watkins

5th Edition

1856177335, 978-1856177337

More Books

Students also viewed these Accounting questions

Question

Recognize the four core purposes service environments fulfill.

Answered: 1 week ago