Question

Problem 3-3A (Video) (Part Level Submission) 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 T12-Tables Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete 0 23,200 3,480 60 Cost Data-July $0 Work in process, July 1 Materials Labor 440,800 271,904 120,640 $833,344 Overhead Total

Answer 1

Cutting Department-Plant 1
Production Cost Report
For the Month Ended July 31, 2020
		Equivalent Units
	Physical Units	Materials	Conversion Costs
Units to be accounted for
Work in process, July 1	0
Started into production	23200
Total units	23200
Units accounted for
Transferred out	19720	19720	19720
Work in process, July 30	3480	3480	2088
Total units	23200	23200	21808
		Materials	Conversion Costs	Total
Unit costs:
Total costs		440800	392544	833344
Equivalent units		23200	21808
Unit costs		19.00	18.00	37.00
Costs to be accounted for
Work in process, July 1				0
Started into production				833344
Total costs				833344
Cost Reconciliation Schedule
Costs accounted for
Transferred out				729640	=19720*37
Work in process, July 30
Materials			66120		=3480*19
Conversion costs			37584	103704	=2088*18
Total costs				833344