Part 5

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 Production Data--July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete 20,000 3,000 60 Cost Data- July Work in process, July 1 Materials $0 380.000 Labor 234.400 Overhead 104,000 Total $ 718.400 Part 1 Your answer is correct. Compute the physical units of production T12 Tables Units to be accounted for 20000 e Textbook and Media Attempts: 1 of 5 used Part 2 Your answer is correct. Compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs T12 Tables 20000 18800 Part 3 Your answer is correct Determine the unit costs of production. Materials Conversion Costs Total Costs Unit costs-T12 Tables $ 19 $ 18 $ 37 e Textbook and Media Attempts: 1 of 5 used Part 4 Your Answer Correct Answer Your answer is correct Show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out Work in process Materials 629000 $ 57000 Conversion costs 32400 89400 Total costs $ 718400 Part 5 5 Your answer is partially correct. Prepare the production cost report for July 2020. THAKIN INDUSTRIES INC. Cutting Department Plant 1 Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Physical Units Conversion Costs Materials Quantities Units to be accounted for Work in process, July 1 Started into production 20000 Total units 20000 Units accounted for Transferred out Work in process, July 31 17000 17000 17000 3000 3000 1800 Total units 20000 20000 18800 Conversion Costs Costs Materials Total Unit costs Total Costs Equivalent units Unit costs Costs to be accounted for Work in process, July 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs