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.)
RICHARDS FURNITURE COMPANY | ||||||||
Equivalent Units | ||||||||
Quantities | Physical | Materials | Conversion | |||||
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 | Materials | Conversion | 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 | $ ![]() |