Question

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

Answer 1

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Thakin

As nothing is mentioned so I am assuming that FIFO method is used.

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
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