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Exercise 5-5 Cost Reconciliation Report-Weighted-Average Method [LO5-5]Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $3,570, the cost of ending work in process inventory was $2,860, and the cost added to production was $43,120. Required:Prepare a cost reconciliation report for the Baking Department for June.

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Answer and Explanation:

The preparation of the  cost reconciliation report for the Baking Department for June is presented below:              

                                        Baking Department

                                        Cost Reconciliation

Costs to be accounted for:  

Beginning cost work in process inventory $3,570

Cost added to production during the period $43,120

Total cost accounted for $46,690

Cost accounted for as follow:  

Ending cost of work in process inventory $2,860

Unit cost completed and transferred out ($3,570 + $43,120 - $2,860) $43,830

Total cost accounted for $46,690

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