Question

Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $3,570, the cost of ending work in process inventory was $2,860, and the cost added to production was $43,120.
Required: Prepare a cost reconciliation report for the Baking Department for June. Baking Department Cost Reconciliation Costs to be accounted for: Total cost to be accounted for Costs accounted for as follows: Total cost accounted for

Answer 1

Answer:

See below

Explanation:

Given;

The cost of beginning work in process inventory = $3,750

The cost of ending work in process inventory = $2,860

The cost added to production = $43,120

Cost reconciliation report.

Baking department - June

Cost of beginning wip $4,840

Cost added to production $25,750

Total Cost to be accounted for $30,590

Cost of units completed and transfered = $30,590 - $1,130

= $29,460

Add: Cost of ending wip inventory $1,130

Total cost to be accounted for $30,590