Question

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation. Production: 7,330 units finished and transferred out; 3,000 units started that are 100% complie e as to mater as and 20% tomplete as to conversion costs. Manufacturing costs: Materials $36,981; labor $21,100; overhead $42,102. Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25.) QUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2017 Equivalent Units Physical Units Conversion Costs Quantities Units to be accounted for Materials Work in process, March 1 Started into production Total units Units accounted for Transferred out Work in process, March 31 Total units

Answer 1

RICHARDS FURNITURE COMPANY

Sanding Department

Production Cost Report for the month ended March 31, 2014

		Equivalent Units
Quantities	Physical Units	Materials	Conversion costs
Units to be accounted for Work in process, March 1	0
Started into production	10,330
Total units	10,330
Units accounted for Transferred out	7,330	7,330	7,330
Work in process, March 31	3,000	3,000	600(3,000*20%)
Total units	10,330	10,330	7,930
Costs	Materials	Conversion costs	Total
Unit costs
Total costs	36,981	63,202	100,183
Equivalent units	10,330	7,930
Unit costs	3.58	7.97	11.55
Costs to be accounted for Work in process, March 1			0
Started into production			100,183
Total costs			100,183
Cost Reconciliation Schedule
Costs accounted for Transferred out(7,330*11.55)			84,661
Work in process, March 31 Materials(3,000*3.58) Conversion costs(600*7.97)	10,740	4782	15,522
Total costs			100,183