The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation. Production: 7,100 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 $40,400; labor $20,600; overhead $39,460. 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.)
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.
Production: 7,100 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.
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.)
The production cost report displays the cost and quantity information for the department's production. Business decision-makers can model different long-term strategic decisions regarding suppliers, products, mix, upcoming product development,etc. by understanding of the components included in the production cost report.
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