Exercise 16-7 the sanding department of richards furniture company

Exercise 16-7 the sanding department of richards furniture company

The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2014, the first month of operation.
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.)

RICHARDS FURNITURE COMPANYSanding DepartmentProduction Cost ReportFor the Month Ended March 31, 2014

 
 
 
 

Equivalent Units

 
 

Quantities

 

PhysicalUnits

 

Materials

 

ConversionCosts

 
 

Units to be accounted for

 
 
 
 
 
 
 
 

   Work in process, March 1

 

[removed]

 
 
 
 
 
 

   Started into production

 

[removed]

 
 
 
 
 
 

      Total units

 

[removed]

 
 
 
 
 
 

 
 
 
 
 
 
 
 
 

Units accounted for

 
 
 
 
 
 
 
 

   Transferred out

 

[removed]

 

[removed]

 

[removed]

 
 

   Work in process, March 31

 

[removed]

 

[removed]

 

[removed]

 
 

      Total units

 

[removed]

 

[removed]

 

[removed]

 
 

 
 
 
 
 
 
 
 
 

Costs

 
 
 

Materials

 

ConversionCosts

 

Total

Unit costs

 
 
 
 
 
 
 
 

   Total Costs

 
 
 

$

[removed]

 

$

[removed]

 

$

[removed]

   Equivalent units

 
 
 

[removed]

 

[removed]

 
 

   Unit costs

 
 
 

$

[removed]

 

$

[removed]

 

$

[removed]

 
 
 
 
 
 
 
 
 

Costs to be accounted for

 
 
 
 
 
 
 
 

   Work in process, March 1

 
 
 
 
 
 
 

$

[removed]

   Started into production

 
 
 
 
 
 
 

[removed]

      Total costs

 
 
 
 
 
 
 

$

[removed]

 
 
 
 
 
 
 
 
 

Cost Reconciliation Schedule

 
 
 
 
 
 
 
 

Costs accounted for

 
 
 
 
 
 
 
 

   Transferred out

 
 
 
 
 
 
 

$

[removed]

   Work in process, March 31

 
 
 
 
 
 
 
 

      Materials

 
 
 
 
 

$

[removed]

 
 

      Conversion costs

 
 
 
 
 

[removed]

 

[removed]

   Total costs

 
 
 
 
 
 
 

$

[removed]

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The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2014, the first month of operation.
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.)

RICHARDS FURNITURE COMPANYSanding DepartmentProduction Cost ReportFor the Month Ended March 31, 2014

 
 
 
 

Equivalent Units

 
 

Quantities

 

PhysicalUnits

 

Materials

 

ConversionCosts

 
 

Units to be accounted for

 
 
 
 
 
 
 
 

   Work in process, March 1

 

[removed]

 
 
 
 
 
 

   Started into production

 

[removed]

 
 
 
 
 
 

      Total units

 

[removed]

 
 
 
 
 
 

 
 
 
 
 
 
 
 
 

Units accounted for

 
 
 
 
 
 
 
 

   Transferred out

 

[removed]

 

[removed]

 

[removed]

 
 

   Work in process, March 31

 

[removed]

 

[removed]

 

[removed]

 
 

      Total units

 

[removed]

 

[removed]

 

[removed]

 
 

 
 
 
 
 
 
 
 
 

Costs

 
 
 

Materials

 

ConversionCosts

 

Total

Unit costs

 
 
 
 
 
 
 
 

   Total Costs

 
 
 

$

[removed]

 

$

[removed]

 

$

[removed]

   Equivalent units

 
 
 

[removed]

 

[removed]

 
 

   Unit costs

 
 
 

$

[removed]

 

$

[removed]

 

$

[removed]

 
 
 
 
 
 
 
 
 

Costs to be accounted for

 
 
 
 
 
 
 
 

   Work in process, March 1

 
 
 
 
 
 
 

$

[removed]

   Started into production

 
 
 
 
 
 
 

[removed]

      Total costs

 
 
 
 
 
 
 

$

[removed]

 
 
 
 
 
 
 
 
 

Cost Reconciliation Schedule

 
 
 
 
 
 
 
 

Costs accounted for

 
 
 
 
 
 
 
 

   Transferred out

 
 
 
 
 
 
 

$

[removed]

   Work in process, March 31

 
 
 
 
 
 
 
 

      Materials

 
 
 
 
 

$

[removed]

 
 

      Conversion costs

 
 
 
 
 

[removed]

 

[removed]

   Total costs

 
 
 
 
 
 
 

$

[removed]

Exercise 16-7 the sanding department of richards furniture company