Brief Exercise 21-9 x Your answer is incorrect. Try again. Production costs char

Question

Brief Exercise 21-9 x Your answer is incorrect. Try again. Production costs chargeable to the Finishing Department in June in Hollins Company are materials $16,516, labor $21,591, overhead $19,700. Equivalent units of production are materials 20,390 and conversion costs 19,295. Production records indicate that 18,200 units were transferred out, and 2,190 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 Work in process Materials 16516 Conversion costs 2.14 Total cost accounted for

Explanation / Answer

TOTAL COST EQ. UNITS COST PER UNIT Material cost 16516 20390 0.81 Conversion cost 41291 19295 2.14 Total cost per unit 2.95 Cost Accounted for: Transferred Out: $53,690 (18200 units@2.95) Work in Process     Material 1773.9 (2190 units@0.81)     Conversion 2343.3 $4,117.20 (2190 units*50%@2.14) Total cost accounted for $57,807.20

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