The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.Production: 6,600 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.Manufacturing costs: Materials $31,680; labor $20,700; overhead $35,460.Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)QUIK FURNITURE COMPANYSanding DepartmentProduction Cost ReportFor the Month Ended March 31, 2020 Equivalent Units Quantities PhysicalUnits Materials ConversionCosts Units to be accounted for Work in process, March 1 enter a number of units Started into production enter a number of units Total units enter a total number of units Units accounted for Transferred out enter a number of units enter a number of units enter a number of units Work in process, March 31 enter a number of units enter a number of units enter a number of units Total units enter a total number of units enter a total number of units enter a total number of units Costs Materials ConversionCosts TotalUnit costs Total Costs $enter a dollar amount $enter a dollar amount $enter a total of the two previous amounts Equivalent units enter a number of units enter a number of units Unit costs $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2 decimal places $enter a total of the two previous amounts rounded to 2 decimal places Costs to be accounted for Work in process, March 1 $enter a total amount Started into production enter a total amount Total costs $enter a total of the two previous amounts Cost Reconciliation Schedule Costs accounted for Transferred out $enter a total amount Work in process, March 31 Materials $enter a dollar amount Conversion costs enter a dollar amount enter a subtotal of the two previous amounts Total costs $enter a total amount for this Cost Reconciliation Schedule

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Description: The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.Production: 6,600 units finished and transferred out; 3,000 units started that are 100% complete as

Process costing is the costing method, which surmises the process costs for a particular process and…

Answered: he Sanding Department of Quik Furniture…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.

Production: 6,600 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $31,680; labor $20,700; overhead $35,460.

Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)

QUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2020
		Equivalent Units
Quantities	Physical Units	Materials	Conversion Costs
Units to be accounted for
Work in process, March 1	enter a number of units
Started into production	enter a number of units
Total units	enter a total number of units

Units accounted for
Transferred out	enter a number of units	enter a number of units	enter a number of units
Work in process, March 31	enter a number of units	enter a number of units	enter a number of units
Total units	enter a total number of units	enter a total number of units	enter a total number of units

Costs		Materials	Conversion Costs	Total
Unit costs
Total Costs		$enter a dollar amount	$enter a dollar amount	$enter a total of the two previous amounts
Equivalent units		enter a number of units	enter a number of units
Unit costs		$enter a dollar amount rounded to 2 decimal places	$enter a dollar amount rounded to 2 decimal places	$enter a total of the two previous amounts rounded to 2 decimal places

Costs to be accounted for
Work in process, March 1				$enter a total amount
Started into production				enter a total amount
Total costs				$enter a total of the two previous amounts

Cost Reconciliation Schedule
Costs accounted for
Transferred out				$enter a total amount
Work in process, March 31
Materials			$enter a dollar amount
Conversion costs			enter a dollar amount	enter a subtotal of the two previous amounts
Total costs				$enter a total amount for this Cost Reconciliation Schedule

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