In February, One of the Processing Departments at Mateus Corporation

question 67

Essay

In February, one of the processing departments at Mateus Corporation had beginning work in process inventory of $20,000 and ending work in process inventory of $30,000. During the month, $206,000 of costs were added to production and the cost of units transferred out from the department was $196,000. The company uses the FIFO method in its process costing system.
Required:
Construct a cost reconciliation report for the department for the month of February.

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Definitions:

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