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

image text in transcribed

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 (75% complete) Costs for June 2020: Work in process, beginning inventory: Direct materials Conversion costs Direct materials costs added during June Conversion costs added during June 340 units 990 units 240 units $94,000 $139,000 $600,500 $401,500 What is the total amount debited to the Work-in-Process account during the month of June? OA. $1,141,000 B. $1,235,000 OC. $233,000 OD. $1,002,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th Edition

978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018

Students also viewed these Accounting questions