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Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making two products in two different manufacturing plants are as follows. Cutting Department Production Data—July Plant 1 T12-Tables Plant 2 C10-Chairs Work in process units, July 1 0 0 Units started into production 21,600 17,280 Work in process units, July 31 3,240 540 Work in process percent complete 60 80 Cost Data—July Work in process, July 1 $0 $0 Materials 410,400 311,040 Labor 253,152 118,800 Overhead 112,320 113,184 Total $775,872 $543,024 For each plant compute the physical units of production. T12 Tables C10 Chairs Units to be accounted for 21,600.00 17,280.00 For each plant compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs T12 Tables 21,600.00 C10 Chairs 17,280.00 For each plant determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 5.25.) Materials Conversion Costs Total Costs Unit costs-T12 Tables $ $ $ Unit costs-C10 Chairs $ $ $ For each plant show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out $ 18,360.00 Work in process Materials $ Conversion costs Total costs $ C10 Chairs Costs accounted for: Transferred out $ 16,740.00 Work in process Materials $ Conversion costs Total costs $ Prepare the production cost report for Plant 1 for July 2017. THAKIN INDUSTRIES INC. Cutting Department—Plant 1 Production Cost Report For the Month Ended July 31, 2017 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for Transferred out Work in process, July 31 Total units Costs Materials Conversion Costs Total Unit costs Total Costs $ $ $ Equivalent units Unit costs $ $ $ Costs to be accounted for Work in process, July 1 $ Started into production Total costs $ Cost Reconciliation Schedule Costs accounted for Transferred out $ Work in process, July 31 Materials $ Conversion costs Total costs
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| Cost of Production Report- Plant 1, T12- Tables | ||||
| For the Month Ended Jul 31 | Equivalent Units | |||
| Unit information | Physical Units | Materials | Conversion | |
| Units charged to production: | ||||
| Inventory in process Jul 1 | - | |||
| Units started into production | 21,600.00 | |||
| Total units accounted for by the Department | 21,600.00 | |||
| Units to be assigned costs: | ||||
| Inventory in process Jul 1 | - | - | - | |
| Started and completed in Jul | 18,360.00 | 18,360.00 | 18,360.00 | See note A |
| Goods transferred out in Jul | 18,360.00 | 18,360.00 | 18,360.00 | See note A |
| Inventory in process, Jul 31 | 3,240.00 | 3,240.00 | 1,944.00 | This is closing units multiplied by % of completion |
| Total units to be assigned costs: | 21,600.00 | 21,600.00 | 20,304.00 | |
| Cost Information | Total | |||
| Costs per equivalent unit | ||||
| Total costs for Jul | 410,400.00 | 365,472.00 | 775,872.00 | |
| Total equivalent units | 21,600.00 | 20,304.00 | ||
| Cost per equivalent unit | 19.00 | 18.00 | 37.00 | |
| Costs assigned to production: | ||||
| Inventory in process, Jul 1 | - | |||
| Costs incurred in Jul | 410,400.00 | 365,472.00 | 775,872.00 | |
| Total costs accounted for by the Department | 775,872.00 | |||
| Costs allocated to completed and partially completed units | ||||
| Inventory in process, Jul 1 balance | - | |||
| To complete inventory in process, Jul 1 | - | - | - | |
| Cost of completed Jul 1 work in process | - | |||
| Started and completed in Jul | 348,840.00 | 330,480.00 | 679,320.00 | |
| Transferred to next Department in Jul | 679,320.00 | |||
| Inventory in process, Jul 31 | 61,560.00 | 34,992.00 | 96,552.00 | |
| Total costs assigned by the Department | 775,872.00 |
| Goods transferred out in Jul | ||
| Inventory in process Jul 1 | - | |
| Add: Units started into production | 21,600.00 | |
| Less: Inventory in process, Jul 31 | 3,240.00 | |
| Goods transferred out in Jul | 18,360.00 | A |
| Cost of Production Report- Plant 2, C10- Chairs | ||||
| For the Month Ended Jul 31 | Equivalent Units | |||
| Unit information | Physical Units | Materials | Conversion | |
| Units charged to production: | ||||
| Inventory in process Jul 1 | - | |||
| Units started into production | 17,280.00 | |||
| Total units accounted for by the Department | 17,280.00 | |||
| Units to be assigned costs: | ||||
| Inventory in process Jul 1 | - | - | - | |
| Started and completed in Jul | 16,740.00 | 16,740.00 | 16,740.00 | See note A |
| Goods transferred out in Jul | 16,740.00 | 16,740.00 | 16,740.00 | See note A |
| Inventory in process, Jul 31 | 540.00 | 540.00 | 432.00 | This is closing units multiplied by % of completion |
| Total units to be assigned costs: | 17,280.00 | 17,280.00 | 17,172.00 | |
| Cost Information | Total | |||
| Costs per equivalent unit | ||||
| Total costs for Jul | 311,040.00 | 231,984.00 | 543,024.00 | |
| Total equivalent units | 17,280.00 | 17,172.00 | ||
| Cost per equivalent unit | 18.00 | 13.51 | 31.51 | |
| Costs assigned to production: |
 ekkarill92 answered 1 year agoRelated SolutionsThakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Thakin Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making two products in two different
manufacturing plants are as follows. Cutting Department Production
Data—July Plant 1 T12-Tables Plant 2 C10-Chairs Work in process
units, July 1 0 0 Units started into production 22,400 17,920 Work
in process units, July 31 3,360 560 Work in process percent...
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Thakin Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making a product are as follows.
Cutting Department
Production Data—July
T12-Tables
Work in process units, July 1
0
Units started into production
20,400
Work in process units, July 31
3,060
Work in process percent complete
60
Cost Data—July
Work in process, July 1
$0
Materials
387,600
Labor...
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Thakin Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making a product are as
follows.
Cutting Department
Production Data—July
T12-Tables
Work in process units, July 1
0
Units started into production
21,800
Work in process units, July 31
3,270
Work in process percent
complete
60
Cost Data—July
Work in process, July 1
$0
Materials
414,200
Labor...
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Thakin Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making two products in two different
manufacturing plants are as follows.
Cutting Department
Production Data—July
Plant 1
T12-Tables
Plant 2
C10-Chairs
Work in process units, July 1
0
0
Units started into production
24,600
19,680
Work in process units, July 31
3,690
615
Work in process percent...
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Thakin Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making a product are as
follows.
Cutting Department
Production Data—July
T12-Tables
Work in process units, July
1
0
Units started into
production
20,400
Work in process units, July
31
3,060
Work in process percent
complete
60
Cost Data—July
Work in process, July 1
$0
Materials
387,600
Labor...
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Thakin Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making a product are as follows.
Cutting Department
Production Data—July
T12-Tables
Work in process units, July 1
0
Units started into production
21,000
Work in process units, July 31
3,150
Work in process percent complete
60
Cost Data—July
Work in process, July 1
$0
Materials
399,000
Labor...
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Thakin Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making a product are as follows.
Cutting Department
Production Data—July
T12-Tables
Work in process units, July 1
0
Units started into production
20,800
Work in process units, July 31
3,120
Work in process percent complete
60
Cost Data—July
Work in process, July 1
$0
Materials
395,200
Labor...
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Thakin Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making a product are as
follows.
Cutting Department
Production Data—July
T12-Tables
Work in process units, July 1
0
Units started into production
22,400
Work in process units, July 31
3,360
Work in process percent complete
60
Cost Data—July
Work in process, July 1
$0
Materials
425,600
Labor...
Crane Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Crane Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making a product are as follows.
Cutting Department
Production Data—July
T12-Tables
Work in process units, July 1
0
Units started into production
22,800
Work in process units, July 31
3,420
Work in process percent complete
60
Cost Data—July
Work in process, July 1
$0
Materials
433,200
Labor...
Crane Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...Crane Industries Inc. manufactures dorm furniture in separate
processes. In each process, materials are entered at the beginning,
and conversion costs are incurred uniformly. Production and cost
data for the first process in making a product are as follows.
Cutting Department
Production Data—July
T12-Tables
Work in process units, July 1
0
Units started into production
22,800
Work in process units, July 31
3,420
Work in process percent complete
60
Cost Data—July
Work in process, July 1
$0
Materials
433,200
Labor...
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