Exercise 16-7 the sanding department of richards furniture company
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 |
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Equivalent Units |
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Quantities |
Physical |
Materials |
Conversion |
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Units 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 units |
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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 |
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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