In October,one of the Processing Departments at Ingersoll Corporation Had

question 91

Essay

In October,one of the processing departments at Ingersoll Corporation had beginning work in process inventory of $16,000 and ending work in process inventory of $29,000.During the month,$191,000 of costs were added to production.The company uses the FIFO method in its process costing system.
Required:
Construct a cost reconciliation report for the department for the month of October.

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Definitions:

Drawer

The party in a transaction who writes and signs a check or draft instructing a drawee, such as a bank, to pay a specified sum of money to the payee.

Drawee

The person or entity upon whom a check, draft, or bill of exchange is drawn and who is expected to pay it.

Payee

The person or entity to whom a payment is to be made or who receives the payment.

Negotiable Instruments

Financial documents, like checks or promissory notes, that guarantee payment of a specific amount of money to the bearer under certain conditions.