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

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, theQUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020 Equivalent Units PhysicalWork in process, March 31 Total unitsCosts Conversion Costs Materials Total Unit costs Total Costs Equivalent units Unit costs $_ Costs to be accounted for Work iCost Reconciliation Schedule Costs accounted for Transferred out $ Work in process, March 31 Materials Conversion costs Total

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 units
Particulars Physical Units Equivalent units
Material Conversion
Work in Process, beginning 0
Started during the current period 9380
Total units to account for 9380
Units accounted for:
Unit completed & Transferred out 6380 6380 6380
Closing WIP: 3000
Material (100%) 3000
Conversion (20%) 600
Equivalent units of production 9380 9380 6980
Sanding Department
Computation of Cost per equivalent unit of Production
Particulars Material Conversion
Opening WIP $0.00 $0.00
Cost Added during Period $33,299.00 $56,887.00
Total cost to be accounted for $33,299.00 $56,887.00
Equivalent 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 out
Particulars Material Conversion Total
Equivalent 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 $15,540
Units 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 reconcilaition
Particulars Amount
Costs to be accounted for:
Cost of beginning WIP inventory $0.00
Cost added to production $90,186.00
Total Cost to be accounted for $90,186.00
Costs 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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