The following costs were incurred in May:Direct materials41,000Direct labor$13,000Manufacturing overhead$ 46,000Selling expenses18,000Administrative expenses$15,000What is the total conversion cost?$133,000$54,000$87,000O $59,000%24%24

Conversion cost is the cost incurred to convert raw material into finished goods.

Answered: The following costs were incurred in…

Business

Accounting

The following costs were incurred in May:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $30,000 and ending work in process inventory of $32,000. During the month, $206,000 of costs were added to production and the cost of units transferred out from the department was $204,000. Required: Construct a cost reconciliation report for the department for the month of July. Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the month Total cost to be accounted for Costs accounted for as follows: Cost of ending work in process inventory Cost of units transferred out Total cost accounted for
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Please show your work.
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