Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 a product are as follows.

Cutting Department

Production DataJuly

T12-Tables

Work in process units, July 1 0
Units started into production 22,800
Work in process units, July 31 3,420
Work in process percent complete 60

Cost DataJuly

Work in process, July 1

$0

Materials

433,200

Labor

267,216

Overhead

118,560

Total

$818,976

Part 1

Compute the physical units of production.

T12 Tables

Units to be accounted for

Save for Later

Attempts: 0 of 1 used

Submit Answer

Part 2

Compute equivalent units of production for materials and for conversion costs.

Materials

Conversion Costs

T12 Tables

Save for Later

Attempts: 0 of 1 used

Submit Answer

Part 3

Determine the unit costs of production.

Materials

Conversion Costs

Total Costs

Unit costs-T12 Tables

$

$

$

Save for Later

Attempts: 0 of 1 used

Submit Answer

Part 4

Show the assignment of costs to units transferred out and in process.

T12 Tables

Costs accounted for:

Transferred out

$

Work in process

Materials

$

Conversion costs

Total costs

$

Save for Later

Attempts: 0 of 1 used

Submit Answer

Part 5

Prepare the production cost report for July 2020.

THAKIN INDUSTRIES INC. Cutting DepartmentPlant 1 Production Cost Report For the Month Ended July 31, 2020

Equivalent Units

Quantities

Physical Units

Materials

Conversion Costs

Units to be accounted for

Work in process, July 1

Started into production

Total units

Units accounted for

Transferred out

Work in process, July 31

Total units

Costs

Materials

Conversion Costs

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

$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Management Accounting And Control

Authors: Don R. Hansen, Maryanne M. Mowen

4th Edition

0324069731, 978-0324069730

More Books

Students also viewed these Accounting questions

Question

Be aware of your role and the roles of others in groups and teams.

Answered: 1 week ago