Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Theory

Authors: Craig Deegan

2nd Edition

0077126734, 978-0077126735

More Books

Students also viewed these Accounting questions

Question

2. Why do we need legislation to protect women in the workplace?

Answered: 1 week ago