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: 6,760 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 $37,088; labor $20,800; overhead $40,509.

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
Quantities
Physical
Units
Materials
Conversion
Costs
Units to be accounted for
   Work in process, March 1
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   Started into production
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      Total units
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Units accounted for
   Transferred out
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[Entry field with correct answer]
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   Work in process, March 31
[Entry field with correct answer]
[Entry field with correct answer]
[Entry field with correct answer]
      Total units
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[Entry field with correct answer]
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Costs
Materials
Conversion
Costs
Total
Unit costs
   Total Costs
$
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$
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$
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   Equivalent units
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   Unit costs
$
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$
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$
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Costs to be accounted for
   Work in process, March 1
$
[Entry field with correct answer]
   Started into production
[Entry field with incorrect answer]
      Total costs
$
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Cost Reconciliation Schedule
Costs accounted for
   Transferred out
$
[Entry field with incorrect answer]
   Work in process, March 31
      Materials
$
[Entry field with incorrect answer]
      Conversion costs
[Entry field with incorrect answer]
[Entry field with incorrect answer]
   Total costs
$
[Entry field with incorrect answer]

Answer 1

QUIK FURNITURE COMPANY
Sanding Department
Production Cost Report
For the Month Ended March 31, 2017
		Equivalent Units
	Physical Units	Materials	Conversion Costs
Units to be accounted for
Work in process, March 1	0
Started into production	9760
Total units	9760
Units accounted for
Transferred out	6760	6760	6760
Work in process, March 31	3000	3000	600
Total units	9760	9760	7360
		Materials	Conversion Costs	Total
Unit costs:
Total Cost		37088	61309	98397
Equivalent units		9760	7360
Unit costs		3.80	8.33	12.13
Costs to be accounted for
Work in process, March 1				0
Started into production				98397
Total costs				98397
Cost Reconciliation Schedule
Costs accounted for
Transferred out				81999	=6760*12.13
Work in process, March 31
Materials			11400		=3000*3.8
Conversion costs			4998	16398	=600*8.33
Total costs				98397