Question: Prepare the cost the reconciliation statement for the question below: Ltdmanufacturesarangeofproductsandthedatabelowrefertooneproductwhichgoesthroughoneprocessonly.Thecompanyoperatesa13four-weeklyreportingsystemforprocessandproductscostsandthedatagivenbelowrelatetoPeriod10. TherewasnoopeningWIPstock. 5,000unitsofmaterialsinputat2.94perunitenteredtheprocess. Furtherdirectmaterialsadded13830 Directwagesincurred 6555 Productionoverhead 7470 Normallossis3%ofinput. ClosingWIPwas800unitsbutthesewereincomplete,havingreachedthefollowingpercentagesofcompletionforeachoftheelementsofcostlisted: Furtherdirectmaterialsadded75 % Directwagesincurred50 % Productionoverhead25

Prepare the cost the reconciliation statement for the question below:

Ltdmanufacturesarangeofproductsandthedatabelowrefertooneproductwhichgoesthroughoneprocessonly.Thecompanyoperatesa13four-weeklyreportingsystemforprocessandproductscostsandthedatagivenbelowrelatetoPeriod10.

TherewasnoopeningWIPstock.

5,000unitsofmaterialsinputat2.94perunitenteredtheprocess.

Furtherdirectmaterialsadded13830

Directwagesincurred 6555

Productionoverhead 7470

Normallossis3%ofinput.

ClosingWIPwas800unitsbutthesewereincomplete,havingreachedthefollowingpercentagesofcompletionforeachoftheelementsofcostlisted:

Furtherdirectmaterialsadded75 %

Directwagesincurred50 %

Productionoverhead25 %

270unitswerescrappedafteraqualitycontrolcheckwhentheunitswereatthefollowingdegreesofcompletion.

Furtherdirectmaterialsadded66 2/3

Directwagesincurred 33 1/3

Productionoverhead 16 2/3

Unitsscrapped,regardlessofthedegreeofcompletion,aresoldfor1eachanditis company policytocredittheprocessaccountwiththescrapvalueofnormallossunits.

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