Exercise 16-7 the sanding department of richards furniture company

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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 COMPANY
Sanding Department
Production Cost Report
For the Month Ended March 31, 2014

    

Equivalent Units

  

Quantities

 

Physical
Units

 

Materials

 

Conversion
Costs

  

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]
 
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Costs

   

Materials

 

Conversion
Costs

 

Total

Unit costs

        

   Total Costs

   
$

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$

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$

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   Equivalent units

   
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   Unit costs

   
$

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$

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$

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Costs to be accounted for

        

   Work in process, March 1

       
$

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   Started into production

       
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      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]