Prepare the cost the reconciliation statement for the question below:

Ltdmanufacturesarangeofproductsandthedatabelowrefertooneproductwhichgoesthroughoneprocessonly.Thecompanyoperatesa13four-weeklyreportingsystemforprocessandproductscostsandthedatagivenbelowrelatetoPeriod10.

TherewasnoopeningWIPstock.

5,000unitsofmaterialsinputat2.94perunitenteredtheprocess.

Furtherdirectmaterialsadded13830

Directwagesincurred 6555

Productionoverhead 7470

Normallossis3%ofinput.

ClosingWIPwas800unitsbutthesewereincomplete,havingreachedthefollowingpercentagesofcompletionforeachoftheelementsofcostlisted:

Furtherdirectmaterialsadded75 %

Directwagesincurred50 %

Productionoverhead25 %

270unitswerescrappedafteraqualitycontrolcheckwhentheunitswereatthefollowingdegreesofcompletion.

Furtherdirectmaterialsadded66 2/3 %

Directwagesincurred33 1/3 %

Productionoverhead16 2/3 %

Unitsscrapped,regardlessofthedegreeofcompletion,aresoldfor1eachanditis company policytocredittheprocessaccountwiththescrapvalueofnormallossunits.