Question
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
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 two products in two different manufacturing plants are as follows.
Plant 1 | Plant 2 | |
Production Data- July | T12 -Tables | C10 - Charis |
Work in Process units, July 1 | 0 | 0 |
Units started into production | 20,000 | 18,000 |
Work in Process units, July 31 | 3,000 | 500 |
Work in Process percent complete | 60 | 80 |
Cost Data - July | ||
Work in Process, July 1 | $0 | $0 |
Materials | 380,000 | 288,000 |
Labor | 234,400 | 110,000 |
Overhead | 104,000 | 104,800 |
Total | $718,400 | $502,800 |
For each plant compute the physical units of production:
T12 Tables | C10 Chairs | |
Units to be accounted for | ???? | ?????? |
For each plant compute equivalent units of production for materials and for conversion costs:
Materials | Coversion Cost | |
T12 Tables | ???? | ???? |
C10 Chairs | ???? | ????? |
For each plant determine the unit cost of production:
Materials | Conversion Cost | Total Cost | |
Unit Cost - T12 Tables | $ ???? | $ ???? | $ ???? |
Unit Cost - C10 Chairs | $ ???? | $ ???? | $ ???? |
For each plant show the assignment of cost to units transferred out and in the process:
T 12 Tables | ||
Cost accounted for: | ||
Transferred out | $ ???? | |
Work In Process | ||
Materials | $ ????? | |
Conversion Cost | ????? | ?????? |
Total Cost | $ ?????? | |
C10 Chairs | ||
Cost accounted for: | ||
Transferred out | $???? | |
Work In Process | ||
Materials | $ ???? | |
Conversion Cost | ??????? | ??????? |
Total Cost | $ ????? |
Prepare the production cost report for Plant 1 for July 2017.
Thankin Industries Inc. | ||||
Cutting Department - Plant 1 | ||||
Production Cost Report | ||||
For Month ended July 31, 2017 | ||||
Equivalent Units | ||||
Quanities | Physical Units | Materials | Conversion Cost | |
Units to be accounted for: | ||||
Work in Progress, July 1 | ??????? | |||
Started Production | ????? | |||
Total Units | ?????? | |||
Units to be accounted for: | ||||
Transferred Out | ????? | ?????? | ??????? | |
Work in Progress, July 31 | ????? | ?????? | ?????? | |
Total Units | ????? | ??????? | ??????? | |
Cost | Materials | Conversion Cost | Totals | |
Unit Cost: | ||||
Total Cost | $ ???? | $ ???? | $ ????? | |
Equivalent Units | ???? | ???? | ???? | |
Unit Costs | $ ???? | $ ???? | $ ??? | |
Cost to be accounted for: | ||||
Work in Process, July 1 | $ ??? | |||
Started into Production | ???? | |||
Total Cost | $ ??? | |||
Cost Reconciliation Schedule | ||||
Cost accounted for: | ||||
Transferred out | $??? | |||
Work in Process, July 31 | ||||
Materials | $ ?????? | |||
Conversion Cost | ?????? | ????? | ||
Total Cost | $ ???? |
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