Question

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation. Production: 6,520 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 $36,176; labor $21,400; overhead $34,848. Prepare a production cost report. (Round unit costs to 2 decimal places, eg. 2.25 and other answers to decimal places, eg. 125.) QUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020 Equivalent Units Physical Units Conversion Costs Quantities Materials Materials 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

Answer 1

Sanding Department
Production Cost Report
For the Month Ended March 31, 2020
		Equivalent Units
	Physical Units	Materials	Conversion Costs
Units to be accounted for
Work in process, March 1	0
Started into production	9520
Total units	9520
Units accounted for
Transferred out	6520	6520	6520
Work in process, March 31	3000	3000	600
Total units	9520	9520	7120
Costs		Materials	Conversion Costs	Total
Unit costs:
Total costs		36176	56248	92424
Equivalent units		9520	7120
Unit costs		3.80	7.90	11.70
Costs to be accounted for
Work in process, March 1				0
Started into production				92424
Total costs				92424
Cost Reconciliation Schedule
Costs accounted for
Transferred out				76284	=6520*11.70
Work in process, March 31
Materials			11400		=3000*3.80
Conversion costs			4740	16140	=600*7.90
Total costs				92424