Question 8 Production costs chargeable to the Finishing Department in June at Ye

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Question 8 Production costs chargeable to the Finishing Department in June at Yeun Company are materials $17,082, labour $38,910, and overhead $15,300. Equivalent units of production are 21,900 for materials and 20,850 for conversion costs. Production records indicate that 19,800 units were transferred out, and 2,100 units in ending work in process were 50% complete in terms of conversion costs and 100% complete in terms of materials. Prepare a cost reconciliation schedule. (Round per unit calculations to 2 decimal places, e.g. 1.25.) Cost Reconciliation Costs accounted for Transferred out Work in process, June 30 Materials Conversion costs Total costs

Explanation / Answer

Cost Reconciliation Costs accounted for Transferred out 66924 Work in process,june 30 Materials 1638 Conversion costs 2730 4368 total costs 71292 cost per equivalent units Materials CC Total total cost 17,082 54210 71,292 equivalent units 21,900 20,850 cost per unit 0.78 2.6 3.38 Equivalent units Materials CC transferred out 19,800 19,800 ending wip 2,100 1050 Equivalent units 21,900 20,850 Transferred out                  = 19800*3.38= 66924 Ending work in process Materials 2100*.78 1638 CC 1050*2.6 2730

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