Production costs chargeable to the Finishing Department in June in Cascio Compan
ID: 2495031 • Letter: P
Question
Production costs chargeable to the Finishing Department in June in Cascio Company are materials $14,182, labor $46,505, overhead $19,990. Equivalent units of production are materials 20,260 and conversion costs 20,150. Production records indicate that 18,980 units were transferred out, and 2,200 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
Cost Reconciliation
Cost accounted for
Transferred out
$
Work in process
Materials
$
Conversion costs
Total cost accounted for
$
Explanation / Answer
Material Conversion Equaivalent Units of transferred out 18060 19050 Closing WIP 2200 1100 Equaivalent units of production 20260 20150 Cost 14182 66495 Equaivalent unit cost 0.7 3.3 Cost Reconciliation Cost accounted for Transferred out 75507 Work in process Materials 1540 Conversion costs 3630 5170 Total cost accounted for 85847
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