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 $39,460.Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.) QuantitiesUnits to beaccounted forWork inprocess,March 1Started intoproductionTotal unitsUnitsaccounted forTransferredoutWork inprocess,March 31Total unitsCostsUnit costsTotal CostsEquivalentunitsUnit costsCosts to beaccounted forWork inprocess,March 1Started intoproductionTotal costsCostReconciliationScheduleCostsaccounted forTransferredoutWork inprocess,March 31MaterialsConversioncostsTotal costsPhysicalUnitsINISanding DepartmentProduction Cost ReportFor the Month Ended March 31, 2020Equivalent Units$MARIGOLD FURNITURE COMPANY$MaterialsMaterials$$ConversionCostsConversionCosts$$$$$To

The production cost report displays the cost and quantity information for the department's…

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. 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.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 15MC: Which of the following is the step in which materials, labor, and overhead are detailed? A....

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A production cost report Is an accounting report that describes the physical flow of units, equvalent units of production for direct materials and converslon, costs pet e nt urit of production for direct materials and for conversion, and the assignment of total costs to units worked on in the perlod. True or False True False Next 18 of 25 < Prev
Overheads applied are calculated by: a.OAR times the estimated cost driver activity b. Budgeted production overheads divided by the budgeted cost driver activity c.OAR times the actual cost driver activity d.Cost driver divided by the OAR
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Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Amount $ 12,000 Direct materials Conversion costs $ 310,200 396,800 Total costs added $ 707,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000…