Question
Crane Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production
Crane 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 | ||
---|---|---|
Production DataJuly | T12-Tables | |
Work in process units, July 1 | 0 | |
Units started into production | 22,800 | |
Work in process units, July 31 | 3,420 | |
Work in process percent complete | 60 | |
Cost DataJuly | ||
Work in process, July 1 | $0 | |
Materials | 433,200 | |
Labor | 267,216 | |
Overhead | 118,560 | |
Total | $818,976 |
Prepare the production cost report for July 2020.
CRANE INDUSTRIES INC. Cutting DepartmentPlant 1 Production Cost Report For the Month Ended July 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|
Equivalent Units | ||||||||
Quantities | Physical Units | Materials | Conversion Costs | |||||
Units to be accounted for | ||||||||
Work in process, July 1 | enter a number of units | |||||||
Started into production | enter a number of units | |||||||
Total units | enter a total number of units | |||||||
Units accounted for | ||||||||
Transferred out | enter a number of units | enter a number of units | enter a number of units | |||||
Work in process, July 31 | enter a number of units | enter a number of units | enter a number of units | |||||
Total units | enter a total number of units | enter a total number of units | enter a total number of units | |||||
Costs | Materials | Conversion Costs | Total | |||||
Unit costs | ||||||||
Total Costs | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||||
Equivalent units | enter a number of units | enter a number of units | ||||||
Unit costs | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||||
Costs to be accounted for | ||||||||
Work in process, July 1 | $enter a dollar amount | |||||||
Started into production | enter a dollar amount | |||||||
Total costs | $enter a total of the two previous amounts | |||||||
Cost Reconciliation Schedule | ||||||||
Costs accounted for | ||||||||
Transferred out | $enter a dollar amount | |||||||
Work in process, July 31 | ||||||||
Materials | $enter a dollar amount | |||||||
Conversion costs | enter a dollar amount | enter a subtotal of the two previous amounts | ||||||
Total costs | $enter a total amount |
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