Question: Prepare a cost reconciliation schedule Materials are the forms used in the application process, and these costs are incurred at the beginning of the process.

Prepare a cost reconciliation scheduleMaterials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. Vaughn Mortgage Company uses the FIFO method. Also, assume that the applications in process on September 1 were 100% complete as to materials (application forms) and 40% complete as to conversion costs

Vaughn Mortgage Company uses a process cost system to accumulate costs in its Application Department. When an application is completed, it is forwarded to the Loan Department for final processing. The following processing and cost data pertain to September. 1. Applications in process on September 1, 100 2. Applications started in September, 900 3. Completed applications during September, 700 Applications still in process at September 30 were 100% complete as to materials (forms) and 60% complete as to conversion costs. 4. Beginning WIP: Direct materials $ 1,130 Conversion costs 4,960 September costs: Direct materials $ 4,680 Direct labor 12,100 Overhead 8,396

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