Production costs chargeable to the Finishing Department in June in Hollins Compa

Question

Production costs chargeable to the Finishing Department in June in Hollins Company are materials $18,761, labor $45,068, overhead $19,500. Equivalent units of production are materials 21,080 and conversion costs 19,990. Production records indicate that 18,900 units were transferred out, and 2,180 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 costs Total cost accounted for $

Explanation / Answer

Solution:

Computation of Cost per equivalent unit of Production - Finishing Department Particulars Material Conversion Production cost chargeble to finishing in June $18,761.00 $64,568.00 Equivalent units of production 21080 19990 Cost per Equivalent unit $0.89 $3.23

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