Question

lems Assignment > Question 7 of 7 - 112 III The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation Production: 7,020 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 $37.575; labor $21.400; overhead $38,417. Prepare a production cost report. (Round unit costs to 2 decimal places, es. 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 Quantities Units Materials Units to be accounted for Work in Conversion Costs process, March 1 Started into production Total units

Answer 1

5 A B с D 1 QUIK FURNITURE COMPANY 2 Sanding Department 3 Production cost report 4 For the Month Ended March 31, 2020 5 Equivalent units Physical Conversion Quantities Materials 6 units cost 7 Units to be accounted for 8 Work in process March 1 9 Started into production 10,020 10 Total units 10,020 11 12 Units accounted for 13 Transferred out 7,020 7,020 7,020 14 Work in process, March 31 3,000 3,000 600 15 Total units 10,020 10,020 7,620 16 Conversion Costs Materials Total 17 costs 18 Unit costs 19 Total costs $ 37,575 $ 59,817 $ 97,392 20 Equivalent units 10,020 7,620 21 Unit costs 3.75 $ 7.85$ 11.60 $

$ $ $ 97,392 97,392 22 23 Cost to be acccounted for 24 Work in process March 1 25 Started into production 26 Total costs 27 28 Cost reconciliation schedule 29 Cost accounted for 30 Transferred out 31 Work in process, March 31 32 Material costs 33 Conversion costs 34 Total costs $ 81,432 $ $ 11,250 4,710 $ $ 15,960 97,392

А 1 2 B с D QUIK FURNITURE COMPANY Sanding Department Production cost report For the Month Ended March 31, 2020 Equivalent units 3 4 5 Physical units Materials Conversion cost 0 =7020+3000 =+B8+B9 Quantities 6 7 Units to be accounted for 8 Work in process March 1 9 Started into production 10 Total units 11 12 Units accounted for 13 Transferred out 14 Work in process, March 31 15 Total units 16 7020 3000 =+B13+B14 =+B13*100% =+B14*100% =+C13+C14 =+B13*100% =+B14* 20% =+D13+D14 Materials Conversion costs Total Costs 17 18 Unit costs 19 Total costs 20 Equivalent units 21 Unit costs =+B19+C19 37575 =+C15 =+B19/B20 =21400+38417 =+D15 =+C19/C20 =+B21+C21

0 =37575+21400+38417 =+D 24+D25 22 23 Cost to be acccounted for 24 Work in process March 1 25 Started into production 26 Total costs 27 28 Cost reconciliation schedule 29 Cost accounted for 30 Transferred out 31 Work in process, March 31 32 Material costs 33 Conversion costs 34 Total costs =+B13*D21 =+C14*B21 =+D14*C21 =+C32+C33 =+D30+D33