Chapter 5 Mastery

In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $28,000 and ending work in process inventory of $30,000. During the month, $204,000 of costs were added to production and the cost of units transferred out from the department was $202,000.

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	$0
Costs accounted for as follows:
Cost of ending work in process inventory
Cost of units transferred out
Total cost accounted for	$0