ACCT 301 Week 6 HW Exercise 4 Process cost system Step #1 Physical flow begin WIP Started Transferred out End WIP 2000 4000 4000 The Finishing Department of Cosette Company has the following production and cost data for July 1 Beginning Inventory 4000 units 2 Transferred out, 4,000 units. Beginning 4000 units (a) Equivalent Units Physical Units Materials Conversion Costs 3 Started 2,000 units that are 40% completed at July 31. 4 Materials added, $30,000; conversion costs incurred, $19,200. Transferred Out 4,000 Work in Process, July 31 ? Total Materials are entered at the beginning of the process. Conversion costs, %, are incurred uniformly during the process. Unit costs Materials cost per unit ($30,000 x units) (b) Instructions Compute the equivalent units of production for materials and conversion costs for the month of July Compute unit costs and prepare a cost reconciliation schedule. ) ($19,200+ y units) Conversion cost per unit (b) Labor plus overhead Cost Reconciliation Schedule Conversion Prime = materials and labor Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs