Production costs chargeable to the Finishing Department in June in Hollins Company are materials $16,516, labor $21,591, overhead $19,700. Equivalent units of production are materials20,390and conversion costs19,295. Production records indicate that18,200units were transferred out, and2,190units in ending work in process were 50% complete to conversion cost and 100% complete to materials.

Prepare cost reconciliation schedule.(Round unit costs to 2 decimal places, e.g. 2.25.)

Cost Reconciliation

Cost accounted for

Transferred out

$

Work in process

Materials

$

Conversion costs

Total cost accounted for

$

Please explain this to me how it is solved. Thank you very much.