In March, Kelly Company had the following unit production costs: materials $10 and conversion costs $8. On March 1, it had no work in process. During March, Kelly transferred out 22,000 units. As of March 31, 4,000 units that were 40% complete as to conversion costs and 100% complete as to materials were in ending work in process. Required:
a. Compute the total units to be accounted for.
b. Compute the equivalent units of production.
c. Prepare a cost reconciliation schedule, including the costs of materials transferred out and the costs of materials in process.

Following are the solution to the given points:

Explanation:

For point a:

The total units to be accounted for units

For point b:

The total material equivalent units =   finished units units

The total conversion equivalent units = finished units +

For point c:

Calculating the total cost reconciliation schedule:

Cost accounted for finished goods            

Cost of material in the process    

material work in process

conversion cost in the process                                                                                                                    

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