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The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation. Production: 7,000
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the first month | ||||||||||
of operation. | ||||||||||
Production: 7,000 units finished and transferred out; 3,000 units started that are 100% complete as to | ||||||||||
materials and 20% complete as to conversion costs. | ||||||||||
Manufacturing costs: Materials $33,000; labor $21,000; overhead $36,000. | ||||||||||
Instructions | ||||||||||
Prepare a production cost report. | ||||||||||
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . | ||||||||||
QUIK FURNITURE COMPANY | ||||||||||
Sanding Department | ||||||||||
Production Cost Report | ||||||||||
For the Month ended March 31, 2017 | ||||||||||
Equivalent Units | ||||||||||
Quantities | Physical Units | Materials | Conversion Costs | |||||||
Units to be accounted for | ||||||||||
Work in process, March 1 | Value | |||||||||
Started into production | Value | |||||||||
Total units | ? | |||||||||
Units accounted for | ||||||||||
Transferred out | Value | Value | Value | |||||||
Work in process, March 31 | Value | Value | ? | |||||||
Total units | ? | ? | ? | |||||||
Costs | Materials | Conversion Costs | Total | |||||||
Unit costs | ||||||||||
Total cost(a) | ? | ? | ? | |||||||
Equivalent units (b) | Value | Value | ||||||||
Unit costs (a) (b) | ? | ? | ? | |||||||
Costs to be accounted for | ||||||||||
Work in process, March 1 | Value | |||||||||
Started into production | Value | |||||||||
Total costs | ? | |||||||||
Cost Reconciliation Schedule | ||||||||||
Cost accounted for | ||||||||||
Transferred out | Value | |||||||||
Work in Process, March 31 | ||||||||||
Materials | Value | |||||||||
Conversion costs | Value | ? | ||||||||
Total costs | ? | |||||||||
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