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Author Question: Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two ... (Read 25 times)

bobbysung

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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 inventory310 units
 Direct materials (100% complete)
 Conversion costs (50% complete)

Units started during June1040 units
Work in process, ending inventory:160 units
 Direct materials (100% complete)
 Conversion costs (70% complete)

Costs for June 2017:
 Work in process, beginning inventory:
Direct materials$92,000
Conversion costs$139,000
Direct materials costs added during June$601,500
Conversion costs added during June$404,000
What amount of conversion costs is assigned to the ending Work-in-Process account for June?  (Round any intermediary calculations to the nearest cent.)
◦ $81,588.24
◦ $46,709.60
◦ $289.71
◦ $404,000.00


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Marked as best answer by bobbysung on Mar 6, 2021

Jayson

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bobbysung

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Reply 2 on: Mar 6, 2021
Thanks for the timely response, appreciate it


connor417

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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