Prepare a cost reconciliation schedule, including the costs of materials transferred out and the costs of materials in process.
Prepare a cost reconciliation schedule, including the costs of materials transferred out and the costs of materials in process.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare a cost reconciliation schedule, including the costs of materials transferred out and the costs of materials in process.
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Cost Reconciliation Schedule
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Costs accounted for
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Transferred out
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$
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Work in process, March 31
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Materials
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$
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Conversion costs
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Total costs
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$
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Given the following information:
In March, Kelly Company had the following unit production costs: materials $ 10 and conversion costs $ 8. On March 1, it had no work in process. During March, Kelly transferred out 22,000 units. As of March 31, 4,000 units that were 40% complete as to conversion costs and 100% complete as to materials were in ending work in process.
(a) total units to be accounted for: 26,000
(b) The equivalent units of production: Materials= 26,000
Conversion= 23,600
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