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EXERCISE 4.23 Physical Quantities Units Units to be accounted for Work In process, March 1 0 Started into production 15,000 Total units LEM Units accounted for Transferred out 1 1,000 Work In process, March 31 4,000 Total units m Costs Materials Unit costs Costs in March $48,000 Equivalent units 15,000 Unit costs (a) + (b) $3.20 HANNINEN FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020 Costs to be accounted for Work in process, March 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out (11,000 X $9.70) Work In process, March 31 Materials (4,000 3' $3.20) Conversion costs (1 ,000 X $6.50) Total costs Egulvalent Units Materials 1 1 ,000 4,000 m Conversion Costs $78,000 1 2,000 $5.50 $12,800 6,500 Conversion Costs 11 ,000 1,000 Total $126,000 $9.70 $ 0 126,000 M $106,700 19,300 (4,000 x 25%) *Exercise 4.23 The sanding department of Hanninen Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation. Production: 10,750 units finished and transferred out; 3,440 units started that are 100% complete in terms of materials and 25% complete in terms of conversion costs. Manufacturing costs: materials $42,570; labour $40,300; overhead $37,487. Prepare a production cost report. ( Round unit costs to 2 decimal places, e.g. 15.25.) HANNINEN FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020 Equivalent Units Physical Conversion Quantities Units Materials Costs Total Units to be accounted for Work in process, March 1 0 Started into production 14, 190 Total units 14, 190 Units accounted for Transferred out 10,750 10,750 10,750 Work in process, March 31 3,440 3, 440 860 Total units 14, 190 14,190 11,610 Costs Unit costs Costs in March 42,570 $ 77,787 120,357 Equivalent units 14,190 11,610 Unit costs 3.00 6.70 9.70 Costs to be accounted for Work in process, March 1 $ Started into production 120,357 Total costs 120,357 Cost Reconciliation Schedule Costs accounted for Transferred out 104,275 Work in process, March 31 Materials $ 10,320 Conversion costs 5 ,762 16,082 Total costs $ 1 120,3576m E4.23 (L0 3, 4) The sanding department of Hanninen Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation. Prepare production cost report. Production: 11,000 units finished and transferred out; 4,000 units started that are 100% complete in terms of materials and 25% complete in terms of conversion costs. Manufacturing costs: materials $48,000; labour $42,000; overhead $36,000. Instructions Prepare a production cost report