Chapter 16

Part A:

Part B:

Part C:

Question 15 View Policies Current Attempt In Progress The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation Production:7,330 units finished and transferred out 3.000 units started that are 100% complete as to materials and 20% complete as to conversion costs. Manufacturing costs: Materials $36,981; labor $21,100; overhead $42,102 Prepare a production cost report. (Round unit costs to 2 decimal places, es 2.25) Physical Units Conversion Quantities Materials Units to be accounted for Work in process, March 1 Started into production Total units Units accounted for Transferred out Work in process, March 31 Total units Conversion Costs Unit costs Total Costs Equivalent units Unit costs S SS Costs to be accounted for Work in process, March 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, March 31 Materials w Up Conversion costs Total costs Production Production 1. Transferred out 13,700 units. 2. Started 4.900 units that are 60% complete as to conversion costs and 100% complete as to materials at July 31. Costs Beginning work in process Materials Labor Manufacturing overhead $0 60.450 29,187 20,400 Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. Determine the equivalent units of production for (1) Materials and (2) conversion costs. Materials Conversion Costs Total equivalent units of production eTextbook and Media Compute unit costs. (Round unit costs to 2 decimal places, eg. 2.25. Materials Conversion costs $ Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places eg. 225 and final answers to decimal places, eg. 1.225.) Cost Reconciliation Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs Costs: Work in process, April 1 Direct materials: 100% complete = Conversion costs: 20% complete Cost of work in process. April 1 Costs incurred during production in April Direct materials Conversion costs Costs incurred in April $113,000 79.100 192.100 9 $904,000 412,450 $1,316,450 Units transferred out totaled 19,210. Ending work in process was 1,130 units that are 100% complete as to materials and 40% complete as to conversion costs Compute the equivalent units of production for (1) materials and (2) conversion costs for the month of April. Materials Conversion Costs The equivalent units of production eTextbook and Media Compute the unit costs for the month (Round unit costs to decimal places es. 125) Materials Conversion Costs $ Unit costs Determine the costs to be assigned to the units transferred out and in ending work in process. (Round answers to decimal places 1.725) Transferred out Ending work in process 5