In June, one of the processing departments at Sorto Corporation had beginning work in process inventory of $30,000. During the month, $345,000 of costs were added to production and the cost of units transferred out from the department was $346,000. Required:Construct a cost reconciliation report for the department for the month of June.
What will be an ideal response?
Cost of beginning work in process inventory + Costs added to production = Cost of ending working in process inventory + Cost of units transferred out
$30,000 + $345,000 = Cost of ending working in process inventory + $346,000
Cost of ending working in process inventory = $30,000 + $345,000 ? $346,000
| Cost to be accounted for: | ||
| Cost of beginning work in process inventory | $ | 30,000 |
| Costs added to production during the month | 345,000 | |
| Total cost to be accounted for | $ | 375,000 |
| Costs accounted for as follows: | ||
| Cost of ending work in process inventory | $ | 29,000 |
| Cost of units transferred out | 346,000 | |
| Total cost accounted for | $ | 375,000 |
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