In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $17,000 and ending work in process inventory of $19,000. During the month, $193,000 of costs were added to production and the cost of units transferred out from the department was $191,000. Required:Construct a cost reconciliation report for the department for the month of July.
What will be an ideal response?
| Costs to be accounted for: | ||
| Cost of beginning work in process inventory | $ | 17,000 |
| Costs added to production during the month | 193,000 | |
| Total cost to be accounted for | $ | 210,000 |
| Costs accounted for as follows: | ||
| Cost of ending work in process inventory | $ | 19,000 |
| Cost of units transferred out | 191,000 | |
| Total cost accounted for | $ | 210,000 |
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