In March, Kelly Company had the following unit production costs materials $12 and conversion costs $8....

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In March, Kelly Company had the following unit production costs materials $12 and conversion costs $8. On March 1, it had no

Prepare a cost reconciliation schedule, including the costs of materials transferred out and the costs of materials in proces

business accounting

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Answer 1

Answer #1

Total units to be accounted for = transferred out units + ending inventory

27500 + 4400 = 31900 units

The total material equivalent units = 27500 finished units + 4400 = 31900

Total conversion equivalent units = 27500 finished units + (4400 x 44%) =

27500 + 1936 = 29436

Cost reconciliation schedule

Cost accounted for transferred out 27500 x (12 + 8) = 550000

Cost of material in process

Material work in process = 4400 x 12 = 52800

Conversion cost = 1936 x 8 = 15488

= 68288

Total cost = 618288

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Answer 2

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