QUESTION FOUR (9 marks) Complete the Cost Reconciliation in good form, for the following FIFO production report. Quantity Schedule and Equivalent Units Work in process, July 1 (materials 100% complete; conversion 30% complete). Started into production....... Total units to be accounted for. 10,000 170,000 180,000 Equivalent Units Materials Conversion 10,000 150,000 0 150,000 7,000 150,000 20,000 180,000 20,000 170,000 8,000 165,000 Units accounted for as follows: Transferred to packaging: From the beginning inventory. Started and completed this month Work in process, July 31 (materials 100% complete; conversion 40% complete). Total units accounted for Cost per Equivalent Unit Total Cost Cost to be accounted for: Work in process, July 1 $ 13,400 Cost added by the department (a). 383,000 Total cost to be accounted for. $397,000 Equivalent units (b) Cost per equivalent unit (a)+(b) Total cost per Equivalent unit = $2.30 Materials Conversion $139,400 $244,200 165,000 170,000 S0.82 $1.45 Cost Reconciliation Cost Accounted for: Total Cost Equivalent Units Materials Conversion