In July, one of the processing departments at Junkin Corporation had beginning w

Question

In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $32,000 and ending work in process inventory of $34,000. During the month, $208,000 of costs were added to production and the cost of units transferred out from the department was $206,000.

Required:

Construct a cost reconciliation report for the department for the month of July.

Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the month Total cost to be accounted for Costs accounted for as follows: Cost of ending work in process inventory Cost of units transferred out Total cost accounted for

Explanation / Answer

Construct a cost reconciliation report for the department for the month of July. Cost to be Accounted For : Cost of the beginning Work in process inventory $           32,000 Add: Cost added to production during the month $       2,08,000 Total Cost to Be accounted For $       2,40,000 Cost Accounted for as Follows Cost of Ending Work in process inventory $           34,000 Cost of units Transferred Out $       2,06,000 Total Cost Accounted For $       2,40,000

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