E16-7 Prepare a production report
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost
data for March 2017, the first month of operation.
	Production: 7,000 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 $33,000; labor $21,000; overhead $36,000.
Instructions
Prepare a production cost report.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .
QUIK FURNITURE COMPANY
Sanding Department
Production Cost Report
For the Month ended March 31, 2017
					Equivalent Units
Quantities				Physical Units	Materials	Conversion Costs
Units to be accounted for
Work in process, March 1				Value
Started into production				Value
Total units				?
Units accounted for
Transferred out				Value	Value	Value
Work in process, March 31				Value	Value	?
Total units				?	?	?
Costs				Materials	Conversion Costs	Total
Unit costs
Total cost(a)				?	?	?
Equivalent units (b)				Value	Value
Unit costs (a) (b)				?	?	?
Costs to be accounted for
Work in process, March 1						Value
Started into production						Value
Total costs						?
Cost Reconciliation Schedule
Cost accounted for
Transferred out						Value
Work in Process, March 31
Materials					Value
Conversion costs					Value	?
Total costs						?
After you have completed the requirements of E16-7, consider this additional question.
1.	Assume that 9,000 units were completed and transferred out. Show the impact of this change
	on the calculation of equivalent units, unit cost, and on the cost reconciliation schedule.