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 weightedaverage costing.

Data for the Assembly Department for June 2017 are:

Work in process, beginning inventory

400 units

Direct materials (100% complete)

Conversion costs (55% complete)

Units started during June

980 units

Work in process, ending inventory:

210 units

Direct materials (100% complete)

Conversion costs (75% complete)
Costs for June 2017:

Work in process, beginning inventory:

Direct materials

$93,500

Conversion costs

$138,500

Direct materials costs added during June

$600,000

Conversion costs added during June

$402,500

What amount of conversion costs is assigned to the ending WorkinProcess account for June? (Round any intermediary calculations to the nearest cent)

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

Modern Auditing

Authors: William C. Boynton, Walter G. Kell, Raymond N. Johnson, Dr William Boynton

7th Edition

047118909X, 978-0471189091

More Books

Students also viewed these Accounting questions