I figured out the weighted average method, but can anyone showme the FIFO and LIFO treatment of this problem????
Timekeeper Inc. manufactures clocks on a highly automatedassembly line. Its costing system uses two cost categories, directmaterials and conversion costs. Each product must pass through theAssembly Department and the Testing Department. Direct materialsare added at the beginning of the production process. Conversioncosts are allocated evenly throughout production. Timekeeper Inc.uses weighted-average costing. Data for the Assembly Department forJune 2015 are: Work in process, beginning inventory 350 unitsDirect materials (100% complete) Conversion costs (50% complete)Units started during June 1050 units Work in process, endinginventory: 160 units Direct materials (100% complete) Conversioncosts (75% complete) Costs for June 2015: Work in process,beginning inventory: Direct materials $91,000 Conversion costs$136,500 Direct materials costs added during June $603,500Conversion costs added during June $401,500 Required: What is theconversion cost per equivalent unit in June?
