Question 7 The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2014, the first month of operation. Production: 8,020 units finished and transferred out; 3,400 units started that are 100% complete as to materials and 20% complete as to conversion costs. Manufacturing costs: Materials $35,402; labor $23,660; overhead $30,280 Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25.) RICHARDS FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2014 Equivalent Units Physical Units Conversion Costs Quantities Units to be accounted for Materials Work in process, March 1 Started into production Total units Units accounted for Transferred out Work in process, March 31 Total units