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Author Question: Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two ... (Read 63 times)

DelorasTo

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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 2017 are:
Work in process, beginning inventory340 units
 Direct materials (100% complete)
 Conversion costs (50% complete)

Units started during June950 units
Work in process, ending inventory:200 units
 Direct materials (100% complete)
 Conversion costs (75% complete)

Costs for June 2017:
 Work in process, beginning inventory:
Direct materials$94,000
Conversion costs$135,500
Direct materials costs added during June$602,500
Conversion costs added during June$402,000
What amount of direct materials costs is assigned to the ending Work-in-Process account for June?
(Round intermediary calculations to the nearest whole dollar.)
◦ $108,000
◦ $77,389
◦ $108,076
◦ $55,779


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Marked as best answer by DelorasTo on Mar 6, 2021

vseab

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DelorasTo

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Reply 2 on: Mar 6, 2021
YES! Correct, THANKS for helping me on my review


ultraflyy23

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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