Required information (The following information applies to the questions displayed below.) Plasto Corporation manufactures a variety of plastic products, including a series of molded chairs. The three models of molded chairs, which are all variations of the same design, are Standard (can be stacked), Deluxe (with arms), and Executive (with arms and padding). The company uses batch manufacturing and has an operation costing system. The production process includes an extrusion operation and subsequent operations to form, trim, and finish the chairs. Plastic sheets are produced by the extrusion operation, some of which are sold directly to other manufacturers. During the forming operation, the remaining plastic sheets are molded into chair seats and the legs are added; the Standard model is sold after this operation. During the trim operation, the arms are added to the Deluxe and Executive models and the chair edges are smoothed. Only the Executive model enters the finish operation where the padding is added. All of the units produced receive the same steps within each operation. The May production run had a total manufacturing cost of $1,017,840. The units of production and direct-material costs incurred were as follows: Plastic sheets Standard model Deluxe model Executive model Total Units Extrusion Form Trim Finish Produced Materials Materials Materials Materials 5,200 $ 62,400 6,400 76,800 $25,600 3,400 40,800 13,600 $10,200 1,800 21,600 7,200 5,400 $10,800 16,800 $201,600 $46,400 $15,600 $10,800 Manufacturing costs applied during the month of May were as follows: Direct labor Manufacturing overhead Extrusion Form Operation Operation $ 228,480 $ 53,000 252,000 97,800 Trim Operation $ 30,160 44,200 Finish Operation $ 18,000 19,800 Required: 1. For each product produced by Plasto Corporation during the month of May, determine the (a) unit cost and (b) total cost. Be sure to account for all costs incurred during the month. (Round "Unit costs" to 2 decimal places.) Unit Costs Total Product Costs Product Plastic sheets Standard model Deluxe model Executive model Total $ 0 Journal entry worksheet Record raw material and conversion cost incurred by the extrusion department Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Journal entry worksheet 4 6 a Record the transfer of plastic sheets completed by the extrusion department. Note: Enter debits before credits General Journal Debit Credit Transaction 2 Journal entry worksheet 3 5 8 Record raw material and conversion cost incurred by the farming department. Note: Enter debits before credits Transaction General Journal 3 Debit Credit Journal entry worksheet 5 > Record the transfer of Standard model chairs completed by the forming department Note: Enter debits before credits Transaction General Journal Debit Credit 4 Journal entry worksheet Record raw material and conversion cost incurred by the trimming department Note: Enter debits before credits. Transaction General Journal 5 Debit Credit Journal entry worksheet 7 Record the transfer of Deluxe model chairs completed by the trimming department Note: Enter debits before credits. Transaction General Journal 6 Debit Credit Journal entry worksheet a > Record raw material and conversion cost incurred by the finishing department. Note: Enter debits before credits General Journal Debit Credit Transaction 7 8 Journal entry worksheet
