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Author Question: Emerging Dock Company manufactures boat docks on an assembly line. Its standard costing system uses ... (Read 69 times)

savannahhooper

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on: Mar 6, 2021
Emerging Dock Company manufactures boat docks on an assembly line. Its standard costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Finishing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production.

Data for the Assembly Department for May 2017 are:
Work in process, beginning inventory:70 units
 Direct materials (100% complete)
 Conversion costs (35% complete)

Units started during May50 units
Work in process, ending inventory:26 units
 Direct materials (100% complete)
 Conversion costs (45% complete)

Costs for May:
 Standard costs for Assembly:
Direct materials$9000 per unit
Conversion costs$36,500 per unit

 Work in process, beginning inventory:
Direct materials$28,400
Conversion costs$521,000

Which of the following journal entries records the Assembly Department's conversion costs at actual costs for the month, assuming conversion costs are 15% higher than expected?
◦
Assembly Department Conversion Cost Control3,408,370
Various accounts3,408,370 

◦
Materials Inventory3,408,370
Assembly Department Conversion Cost Control3,408,370 

◦
Assembly Department Conversion Cost Control2,963,800
Materials Inventory2,963,800

◦
Materials Inventory3,408,370
Work in Process - Assembly3,408,370 
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by savannahhooper on Mar 6, 2021

chinwesucks

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Reply #1 on: Mar 6, 2021
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savannahhooper

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Reply 2 on: Mar 6, 2021
Excellent

tranoy

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

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