Production costs chargeable to the Finishing Department in June in Cascio Compan
ID: 2425029 • Letter: P
Question
Production costs chargeable to the Finishing Department in June in Cascio Company are materials $19,449, labor $32,805, overhead $19,170. Equivalent units of production are materials 21,610 and conversion costs 19,250. Production records indicate that 18,920 units were transferred out, and 2,100 units in ending work in process were 50% complete as to conversion cost and 100% complete as to materials. Prepare a cost reconciliation schedule.
Cost Reconciliation Cost accounted for Transferred out Work in process Materials Conversion costs Total cost accounted forExplanation / Answer
Particulars Equivalent mat Equivalent Conv Total Equivalent Units 21,610.00 19,250.00 Current Month Costs 19,449.00 51,975.00 Cost per Equivalent units 0.90 2.70 Transferred Units 18,920.00 18,920.00 Cost of Transferred Units 17,028.00 51,084.00 68,112.00 Closing WIP Units 2,100.00 1,050.00 Costs of Closing WIP 1,890.00 2,835.00 4,725.00 Costs Accounted for Costs completed and Transferred Out 68,112.00 Ending WIP Materials 1,890.00 Conversion 2,835.00 4,725.00 Total Costs accounted for 68,112.00
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