Brief Exercise 16-9 Cost Reconciliation Cost accounted for Transferred out _____
ID: 2521091 • Letter: B
Question
Brief Exercise 16-9
Cost Reconciliation
Cost accounted for
Transferred out _____________
Work in process ______________
Materials ______________
Conversion cost _______________ _______________
Total cost accounted for ______________
Brief Exercise 16-9
Production costs chargeable to the Finishing Department in June in Hollins Company are materials $16,888, labor $24,017, overhead $18,500. Equivalent units of production are materials 21,110 and conversion costs 20,055. Production records indicate that 19,000 units were transferred out, and 2,110 units in ending work in process were 50% complete as to conversion cost and 100% complete as to materials.Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, e.g. 2.25.)
Cost Reconciliation
Cost accounted for
Transferred out _____________
Work in process ______________
Materials ______________
Conversion cost _______________ _______________
Total cost accounted for ______________
Explanation / Answer
Prepare cost reconciliation report :
Cost per equivalent unit of material = 16888/21100 = 0.80 per equivalent unit
Cost per equivalent unit of conversion = 42517/20055 = 2.12 per equivalent unit
Cost accounted for Transferred out (0.80+2.12)*19000 55480 Work in process Material (2110*.80) 1688 Conversion cost (2110*50%*2.12) 2237 3925 Total cost accounted for 59405Related Questions
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