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: 7,140 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 $35,490; labor $20,700: overhead $42,768. 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 Conversion Quantities Units Units to be accounted for Work in process, March 1 Started into production Materials Costs 0 Total units Units accounted for Transferred

Answer 1

Sanding Department
Production Cost Report
For the month ended March 31, 2020
		Equivalent Units
Quantities	Physical Units	Material	Conversion
Units to be accounted for:
WIP Mar 1	0
Started into production	10140
Total Units	10140
Units Accounted for:
Transferred out	7140	7140	7140
WIP Mar 1	3000	3000	600
Total accounted for(Equivalent Units)	10140	10140	7740
Costs
Unit Costs:
	Material	Conversion	Total
Total Cost:	35490	63468	98958
Equivalent Units	10140	7740
Unit cost	3.50	8.20	11.70
Cost to be accounted for:
WIP MAR 1			0
Started into production			98958
Total Units			98958
Cost Reconciliation schedule
Transferred out			83,538
WIP mar 31
Material		10,500
Conversion		4,920	15,420
Total Cost			98,958