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

360 units

Direct materials (100% complete)

Conversion costs (45% complete)

Units started during June

980 units

Work in process, ending inventory:

190 units

Direct materials (100% complete)

Conversion costs (70% complete)
Costs for June 2017:

Work in process, beginning inventory:

Direct materials

$90,500

Conversion costs

$135,500

Direct materials costs added during June

$601,500

Conversion costs added during June

$401,500

What amount of direct materials costs is assigned to the ending WorkinProcess account for June? (Round intermediary calculations to the nearest whole dollar.)

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

Continuous Auditing Theory And Application

Authors: David Y. Chan, Victoria Chiu

1st Edition

1787434141, 978-1787434141

More Books

Students also viewed these Accounting questions

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago

Question

e. What do you know about your ethnic background?

Answered: 1 week ago