Question

Exercise 21-07 The Sanding Department of Concord Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation. Production: 6,760 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 $29,768; labor $20,800; overhead $36,240. Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to o decimal places, e.g. 125.) CONCORD FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020 Quantities U to accounted for Wor , March 1 Started to production Total units U counted for Transferred out Work in proces, March 31 Total units Cests Un costs To Couts Events COM Castebe ted for Cost Recent Schedule Conversion costs Total Click of you would like to show Work for this questions Open Show Work

Answer 1

C D CONCORD Furniture Company Sanding Department Production cost report 2 For the Month Ended March 31, 2020 4 Equivalent units 5 Physical units Conversion cost Quantities Materials 6 7 Units to be accounted for Work in process March 1 Started into production 0 9760 Total units 10 9760 11 12 Units accounted for 6760 Transferred out 6760 13 6760 3000 3000 Work in process, March 31 14 600 Total units 15 9760 9760 7360 16 17 Costs Conversion costs Materials Total 18 Unit costs 29,768 $ 57,040 $ Total costs 19 86,808 Equivalent units 20 9760 7360 3.05 $ 7.75 $ Unit costs 10.80 22 23 Cost to be acccounted for Work in process March 1 24 Started into production 86,808 25 $ Total costs 26 86,808 LO

27 28 Cost reconciliation schedule 29 Cost accounted for Transferred out 30 73,008 Work in process, March 31 31 $ Material costs 32 9,150 4,650 $ 33 Conversion costs 13,800 $ 34 Total costs 86,808

A В C D CONCORD Furniture Company 1 Sanding Department 2 Production cost report 3 For the Month Ended March 31, 2020 4 Equivalent units 5 Physical units Quantities Materials Conversion cost 6 7 Units to be accounted for Work in process March 1 Started into production 8 9 6760+3000 10 Total units +B8+B9 11 12 Units accounted for +B13* 100% Transferred out 6760 +B13 100% 13 +B14 *100 % +B14 20% Work in process, March 31 14 3000 =+B13 + B14 =+C13+C14 Total units +D13+D14 15 16 Conversion costs Materials Total 17 Costs 18 Unit costs - 20800+36240 +B19+C19 Total costs 19 29768 +C15 +D15 20 Equivalent units +B19/B20 C19/C20 =+B21+C21 21 Unit costs 22 23 Cost to be acccounted for Work in process March 1 24 0 Started into production - 29768+20800+36240 +D24+D25 25 Total costs 26

27 28 Cost reconciliation schedule 29 Cost accounted for +B13*D21 Transferred out 30 Work in process, March 31 31 +C14* B21 Material costs 32 +D14*C21 33 Conversion costs +C32+C33 +D30+ D33 34 Total costs

C 1 (b) Materials 2 Conversion 57,950 $ 3 Costs added during the month 132,184 4 Equivalent units of production 9500 10660 $ 6.10 S 5 Unit costs 12.40

A В C 1 (b) Materials Conversion 132184 2 3 Costs added during the month 57950 4 Equivalent units of production 9500 5 Unit costs 10660 Ес3/C4 =+B3/B4