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: 6,180 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 $28,917; labor $20,500; overhead $33,062.

Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)

QUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020
Costs				Materials		Conversion Costs		Total
Unit costs
Total Costs				$enter a dollar amount		$enter a dollar amount		$enter a total of the two previous amounts
Equivalent units				enter a number of units		enter a number of units
Unit costs				$enter a dollar amount rounded to 2 decimal places		$enter a dollar amount rounded to 2 decimal places		$enter a total of the two previous amounts rounded to 2 decimal places
Costs to be accounted for
Work in process, March 1								$enter a total amount
Started into production								enter a total amount
Total costs								$enter a total of the two previous amounts
Cost Reconciliation Schedule
Costs accounted for
Transferred out								$enter a total amount
Work in process, March 31
Materials						$enter a dollar amount
Conversion costs						enter a dollar amount		enter a subtotal of the two previous amounts
Total costs								$enter a total amount for this Cost Reconciliation Schedule

Answer 1

Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)

QUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020
Costs				Materials		Conversion Costs		Total
Unit costs
Total Costs				28917		53562		82479
Equivalent units				9180		6780
Unit costs				3.15		7.9		11.05
Costs to be accounted for
Work in process, March 1								0
Started into production								82479
Total costs								82479
Cost Reconciliation Schedule
Costs accounted for
Transferred out								68289
Work in process, March 31
Materials						9450
Conversion costs						4740		14190
Total costs								82479