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.
What amount of conversion costs is assigned to the ending Work-in-Process account for June? (Round any intermediary calculations to the nearest cent.)
Definitions:
Coupon
The interest payment made to bondholders, typically expressed as an annual percentage of the bond's face value.
Coupon Bond
A type of bond that offers periodic interest payments to the holder through fixed "coupons" and the return of the principal at maturity.
Yield To Maturity
The total return expected on a bond if held until its maturity date, including both interest payments and capital gains.
Interest Annually
The amount of interest earned or paid over a one-year period.
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