In July, one of the processing departments at Wrightsel Corporation had beginnin

Question

               

In July, one of the processing departments at Wrightsel Corporation had beginning work in process inventory of $44,000 and ending work in process inventory of $34,000. During the month, $244,000 of costs were added to production and the cost of units transferred out from the department was $254,000.

Construct a cost reconciliation report for the department for the month of July. (Omit the "$" sign in your response.)

In July, one of the processing departments at Wrightsel Corporation had beginning work in process inventory of $44,000 and ending work in process inventory of $34,000. During the month, $244,000 of costs were added to production and the cost of units transferred out from the department was $254,000.

Required:

Construct a cost reconciliation report for the department for the month of July. (Omit the "$" sign in your response.)

Cost Reconciliation   Costs to be accounted for:      $            Total cost to be accounted for $   Costs accounted for as follows:      $            Total cost accounted for $

Explanation / Answer

Costs to Account for: Opening WIP              44,000.00 Costs Transferred in              244,000.00 Total Costs to Account for            288,000.00 Costs Accoounted for Costs completed and Transferred Out            254,000.00 Ending WIP              34,000.00 Total Costs accounted for            288,000.00

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