1. Prepare a cost reconciliation report for the Drying Department for March.

Please explain how you got your answer in detail!

Scribners Corporation produces tinc papers in three production departments --Pulping. Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rug cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted average method in its process costing system. Data for March for the Drying Department follow: Percent Completed Units Pulping Conversion 5,000 100% 20% 8,000 100% 25% $4.800 Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Polping cost added during March Conversion cost added during March $500 157.000 $102,450 $31,300 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches, each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department