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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]
  
[removed]
    
                 

Costs

      

Materials

  

Conversion
Costs

  

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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