In September, One of the Processing Departments at Farquer Corporation

question 9

Essay

In September, one of the processing departments at Farquer Corporation had beginning work in process inventory of $34,000. During the month, $342,000 of costs were added to production and the cost of units transferred out from the department was $357,000.
Required:
Construct a cost reconciliation report for the department for the month of September.

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Definitions:

Gross Pay

The total amount of money earned by an employee before any deductions or taxes are taken out.

Deductions

Amounts subtracted from gross income to determine taxable income, including expenses, exemptions, and allowances.

Long-Term Liabilities

Financial obligations of a business that are due more than one year in the future.

Current Liabilities

Debts or obligations that are due to be paid within one year or within the normal operating cycle.