Reference no: EM132882617

Question - TTM Company makes cell phone. Materials are added at the beginning of the process and conversion costs are uniformly incurred. At the beginning of June, work in process is 40% complete and at the end of the month it is 60% complete. Other data for the month include:

Beginning work-in-process inventory 800 units

Units started 1,000 units

Units placed in finished goods 1,600 units

Conversion costs (During the period) $100,000

Cost of direct materials (During the period) $130,000

Beginning work-in-process costs:

Materials $77,000

Conversion $ 41,040

Required -

1. Using the weighted-average method of process costing, calculate cost of the product?

2. Prepare journal entries to record transferring of materials to processing and from processing to finished goods.