Refer to the following information about the Shaping Department of the Minnesota Factory for the month of August. Minnesota Factory uses the FIFO method of inventory costing.?EquivalentUnitsTotalCostBeginning Work in Process:?? Costs from prior month………………………?$ 7,000 Materials added………………………………300? Labor and overhead added……………………375?Started and completed goods:?? Materials added………………………………2,000? Labor and overhead added……………………2,000?Ending Work in Process:?? Materials added………………………………320? Labor and overhead added……………………360?The cost per equivalent unit of materials is $10.00, and the
cost per equivalent unit of labor and overhead is $22.00.Prepare a cost reconciliation for the month of August.
What will be an ideal response?
| Beginning Work in Process………………. | $7,000 |
| Materials [(300 + 2,000 + 320) ? $10]… | $26,200 |
| [(375 + 2,000 + 360) ? $22]……….. | 60,170 |
| Total costs added…………………………. | 86,370 |
| $93,370 |
| ? | Equivalent Units | Cost per Unit | Total Cost |
| Beginning Work in Process: | ? | ? | ? |
| Costs from prior month………… | ? | ? | $7,000 |
| Materials costs added…………… | 300 | $10.00 | 3,000 |
| Labor and overhead cost added… | 375 | 22.00 | 8,250 |
| Total…………………………… | ? | ? | $18,250 |
| Started and completed goods: | ? | ? | ? |
| Materials costs added…………… | 2,000 | $10.00 | $20,000 |
| Labor and overhead cost added… | 2,000 | 22.00 | 44,000 |
| Total…………………………… | ? | ? | $64,000 |
| Total cost of finished goods | ? | ? | $82,250 |
| Equivalent Units | Cost per Unit | Total Cost | |
| Ending Work in Process: | ? | ? | ? |
| Materials costs added…………… | 320 | $10.00 | $ 3,200 |
| Labor and overhead cost added… | 360 | 22.00 | 7,920 |
| Total ending Work in Process… | ? | ? | $11,120 |
| Total costs accounted for | ? | ? | $93,370 |
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