2023 Exercise 16 7 The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for | Assignments Online
2023 Exercise 16 7 The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for | Assignments Online
Assignments Online 2023 Business Finance
Exercise 16-7
Production: 8,010 units finished and transferred out; 4,100 units started that are 100% complete as to materials and 20% complete as to conversion costs.
Manufacturing costs: Materials $42,385; labor $24,270; overhead $31,359.
Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25.)
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RICHARDS FURNITURE COMPANY
Sanding Department Production Cost Report For the Month Ended March 31, 2014 |
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Equivalent Units
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Quantities
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Physical
Units |
Materials
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Conversion
Costs |
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Units to be accounted for
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Work in process, March 1
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 [removed] |
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Started into production
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[removed] |
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Total units
|
[removed] |
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Units accounted for
|
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Transferred out
|
[removed] |
[removed] |
[removed] |
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Work in process, March 31
|
[removed] |
[removed] |
[removed] |
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Total units
|
[removed] |
[removed] |
[removed] |
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Costs
|
Materials
|
Conversion
Costs |
Total
|
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Unit costs
|
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Total Costs
|
$
[removed] |
$
[removed] |
$
[removed] |
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Equivalent units
|
[removed] |
[removed] |
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|
Unit costs
|
$
[removed] |
$
[removed] |
$
[removed] |
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Costs to be accounted for
|
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Work in process, March 1
|
$
[removed] |
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|
Started into production
|
[removed] |
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Total costs
|
$
[removed] |
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Cost Reconciliation Schedule
|
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Costs accounted for
|
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Transferred out
|
$
[removed] |
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Work in process, March 31
|
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Materials
|
$
[removed] |
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Conversion costs
|
[removed] |
[removed] |
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Total costs
|
$
[removed] |
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