Question

Problem 21-3A 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 21,800 17,440 Work in process units, July 31 3,270 545 Work in process percent complete 60 80 Cost Data—July Work in process, July 1 $0 $0 Materials 414,200 313,920 Labor 255,496 119,900 Overhead 113,360 114,232 Total $783,056 $548,052 For each plant compute the physical units of production. T12 Tables C10 Chairs Units to be accounted for Link to Text Link to Text For each plant compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs T12 Tables C10 Chairs Link to Text Link to Text 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 $ $ $ Link to Text Link to Text For each plant show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out $ Work in process Materials $ Conversion costs Total costs $ C10 Chairs Costs accounted for: Transferred out $ Work in process Materials $ Conversion costs Total costs $ Link to Text Link to Text 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 $ Link to Text Link to Text Question Attempts: Unlimited Save for later Submit Answer

Answer 1