The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation.Production: 9,940 units started which is comprised of 6,940 units finished and transferred out and 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.Manufacturing costs: Materials $38,965; labor $20,500; overhead $43,288.Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25.)QUIK FURNITURE COMPANYSanding DepartmentProduction Cost ReportFor the Month Ended March 31, 2017 Equivalent Units Quantities PhysicalUnits Materials ConversionCosts Units to be accounted for Work in process, March 1 enter the number of units Started into production enter the number of units Total units enter a total of the two previous numbers of units Units accounted for Transferred out enter the number of units enter the number of units enter the number of units Work in process, March 31 enter the number of units enter the number of units enter the number of units Total units enter a total of the two previous numbers of units enter a total of the two previous numbers of units enter a total of the two previous numbers of units Costs Materials ConversionCosts TotalUnit costs Total Costs $enter a dollar amount $enter a dollar amount $enter a dollar amount Equivalent units enter the number of units enter the number of units Unit costs $enter a dollar amount $enter a dollar amount $enter a dollar amount Costs to be accounted for Work in process, March 1 $enter a dollar amount Started into production enter a dollar amount Total costs $enter a total of the two previous amounts Cost Reconciliation Schedule Costs accounted for Transferred out $enter a dollar 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

Answered: The Sanding Department of Quik…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation.

Production: 9,940 units started which is comprised of 6,940 units finished and transferred out and 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $38,965; labor $20,500; overhead $43,288.

Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25.)

QUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2017
		Equivalent Units
Quantities	Physical Units	Materials	Conversion Costs
Units to be accounted for
Work in process, March 1	enter the number of units
Started into production	enter the number of units
Total units	enter a total of the two previous numbers of units

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

Costs		Materials	Conversion Costs	Total
Unit costs
Total Costs		$enter a dollar amount	$enter a dollar amount	$enter a dollar amount
Equivalent units		enter the number of units	enter the number of units
Unit costs		$enter a dollar amount	$enter a dollar amount	$enter a dollar amount

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

Cost Reconciliation Schedule
Costs accounted for
Transferred out				$enter a dollar 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

Expert Solution

Step 1

In this question, we have to make a production cost report

For making it we need to first make as working notes-

Statement of Equivalent Units

Cost per Equivalent Units

Statement of cost

with the help of these three working notes we can make the proper production cost report .

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.