Question

AutoSave OOD R E xcelTemplateAssignment Ch03 (1) Protected View Excel Search File Home Insert Page Layout Formulas Data Review View Help DYMO Label QuickBooks PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing X R E3-7 Prepare a production report A ABCD км 1 E3-7\Prepare a production report 2 The Sanding Department of Quik Furniture Company has the following production and manufacturing cost 3 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, 8 Instructions 9 Prepare a production cost report. 10 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 Physical Conversion 19 Quantities Units Materials Costs 20 Units to be accounted for 21 Work in process, March 1 22 Started into production 23 Total units Valde Value Value 25 Units accounted for Transferred out 27 Work in process, March 31 28 Total units Value Value Value Value D- 703-1100

Answer 1

Quick Furniture Company Sanding Defantment Production cost report for the month ended 31 st march 2017 .. Quantities physicalunity Equivalent units Conversion cost material Unt to be accounted for Work in progress march I Started into Production 10,000 Total units 110,000 Units accounted for Transferred out 7000 7000 work in Progress march 31 3,000 1001 - 3000 Complete se Total units (6) 10,000 10000 units 7000 goy. Loup 6oo. Complete 7600 units. Equivalent anits of Productions material > Conversion Cast - 10000 units 7600 units Losts Totol Cost cas Equivalent units ( I material $83000 10000 Conversion card labour & oversed Total 857000 $90,000 7600 unit Cost (a) +b) $3.3 87.5 $ 98 Cost to be Started accounted into Produchou Total cost 1$ 9000 o 9000

Anourt $ 7560o Lost Reconciliation Schedule Cost Accounted for Transferred out (7ooox 1018 ) Work in Progresser march 11 - materials (3000 83.3) 89900 Conversion Cost (3000x 75 x 2o 1 $4500 Total costs $ 14, Yoo $ 90000 Note: 2. 1. There is No work in Process as On Ist March, 2017 fequivelads units z Total units X Percentage of completion 3. Convertion cost for Incomplete (WEP 3000 x 75 x 20 100 $4500