Question

Exercise 16-0/ (Video) The Sanding Department of Crane Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation. Production: 6,240 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 $36,960; labor $21,400; overhead $30,242. Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to decimal places, e.g. 125.) CRANE FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020 Equivalent Units Physical Conversion Units Materials Costs Quantities Units to be accounted for Work in process, March 1 Started into production Total units Units accounted for Transferred out Work in process, March 31 Total units Version 4. 24.11

Answer 1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

Answer CRANE FURNITURE COMPANY Sandling Department Production Cost Report For the Month ended March 31,2020 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in Process March 1 Started into production (6240+3000) 9240 Total Units 9240 Units accounted for Transferred out Work in process march 31 6240 6240 6240 |(16240*100%) 16240*100%) 3000 3000 600 (3000*100%) (3000*20%) 9240 9240 6840 Total Units

Materials 51642) 88602 o Costs 1 Total Costs 2 Equivalent units 3 Unit costs Conversion Costs Total 36960 9240 6840 7.55 11.55 88602 88602 5 Costs accounted for 6 Work in process March 1 7 Started into production (36960+21400+30242) 8 Total costs 9 Cost Reconciliation Schduele o Cost accounted for 1 Transferred out (6000*11.55) 2 Work In Process March 31 3 Material (3000*4) 4 Conversion Cost (600*7.55) 5 Total Costs 72072 12000 4530 16530 88602 7 For any help please comment in the comment box