COMPUTE EQUIVLAENT UNITS OF PRODUCTION FOR MATERIALS AND FOR CONVERSION COSTS.

DETERMINE THE UNIT COSTS OF PRODUCTION

MATIERALS:

CONVERSION COSTS:

TOTAL COSTS:

SHOW THE ASSIGNMENT OF COSTS TO UNITS TRANSFERRED OUT AND IN PROCESS

PREPARE THE PRODUCTION COST REPORT FOR JULY 2020.

Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows. Cutting Department T12-Tables 0 Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete 25,000 3,750 60 Cost Data-July Work in process, July 1 Materials Labor Overhead $0 475,000 293,000 130,000 Total $898,000