In February, one of the processing departments at Encinias Corporation had beginning work in process inventory of $27,000 and ending work in process inventory of $21,000. During the month, $316,000 of costs were added to production and the cost of units transferred out from the department was $322,000.The company uses the FIFO method in its process costing system.Required:Construct a cost reconciliation report for the department for the month of February.
What will be an ideal response?
| Costs to be accounted for: | ||
| Cost of beginning work in process inventory | $ | 27,000 |
| Costs added to production during the month | 316,000 | |
| Total cost to be accounted for | $ | 343,000 |
| Costs accounted for as follows: | ||
| Cost of ending work in process inventory | $ | 21,000 |
| Cost of units transferred out | 322,000 | |
| Total cost accounted for | $ | 343,000 |
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