## Question

###### Please answer using the numbers given in THIS problem... Thank you. The Sanding Department of Quik...

Please answer using the numbers given in THIS problem... Thank you.

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation. Production: 6,380 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 $33,299; labor $21,400; overhead $35,487. 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 Equivalent Units Physical Units Quantities Units Conversion Costs Materials Materials Units to be accounted for Work in process, March 1 Started into production Total units Units accounted for Transferred out

Work in process, March 31 Total units

Costs Conversion Costs Materials Total Unit costs Total Costs Equivalent units Unit costs $_ Costs to be accounted for Work in process, March 1 Started into production Total costs

Cost Reconciliation Schedule Costs accounted for Transferred out $ Work in process, March 31 Materials Conversion costs Total costs

## Answers

Solution:

Sanding Department

Computation of Equivalent unitsParticularsPhysical UnitsEquivalent unitsMaterialConversionWork in Process, beginning 0 Started during the current period 9380 Total units to account for9380 Units accounted for:Unit completed & Transferred out 6380 6380 6380 Closing WIP:3000 Material (100%) 3000 Conversion (20%) 600 Equivalent units of production938093806980

Sanding Department

Computation of Cost per equivalent unit of ProductionParticularsMaterialConversionOpening WIP $0.00 $0.00 Cost Added during Period $33,299.00 $56,887.00 Total cost to be accounted for$33,299.00$56,887.00Equivalent units of production 9380 6980 Cost per Equivalent unit$3.55$8.15

Sanding Department

Computation of Cost of ending WIP and units completed & transferred outParticularsMaterialConversionTotalEquivalent unit of Ending WIP 3000 600 Cost per equivalent unit $3.55 $8.15 Cost of Ending WIP (Equivalent unit * Cost per equivalent unit)$10,650$4,890$15,540Units completed and transferred 6380 6380 Cost of units completed & Transferred (Unit completed * cost per equivalent unit)$22,649$51,997$74,646

Sanding Department

Cost reconcilaitionParticularsAmountCosts to be accounted for:Cost of beginning WIP inventory $0.00 Cost added to production $90,186.00 Total Cost to be accounted for$90,186.00Costs accounted for as follows:Cost of unit transferred out $74,646 Ending WIP $15,540 Total cost accounted for$90,186.00

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