Problem 163A Part Level Submission Cutting Department Produc

Problem 16-3A (Part Level Submission)

Cutting Department

Production Data—July

Plant 1
T12-Tables

Plant 2
C10-Chairs

Cost Data—July

(a1)

T12 Tables

C10 Chairs

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(a2)

Materials

Conversion Costs

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(a3)

Materials

Conversion Costs

Total Costs

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(a4)

T12 Tables

Costs accounted for:

Transferred out

Work in process

Materials

Conversion costs

Total costs

C10 Chairs

Costs accounted for:

Transferred out

Work in process

Materials

Conversion costs

Total costs

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(b)

THAKIN INDUSTRIES INC.
Cutting Department—Plant 1
Production Cost Report
For the Month Ended July 31, 2017

Equivalent Units

Quantities

Physical
Units

Materials

Conversion
Costs

Costs

Materials

Conversion
Costs

Total

Cost Reconciliation Schedule

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Problem 16-3A (Part Level Submission)

Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making two products in two different manufacturing plants are as follows.

	Cutting Department
Production Data—July	Plant 1 T12-Tables	Plant 2 C10-Chairs
Work in process units, July 1	0	0
Units started into production	24,200	19,360
Work in process units, July 31	3,630	605
Work in process percent complete	60	80

Cost Data—July
Work in process, July 1	$0	$0
Materials	459,800	348,480
Labor	283,624	133,100
Overhead	125,840	126,808
Total	$869,264	$608,388

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(a1)

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$\"Correct$	Your answer is correct.

For each plant compute the physical units of production.

		T12 Tables		C10 Chairs
Units to be accounted for		$\"Entry$		$\"Entry$

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Attempts: 1 of 3 used

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(a2)

$\"\"$
$\"Correct$	Your answer is correct.

For each plant compute equivalent units of production for materials and for conversion costs.

	Materials	Conversion Costs
T12 Tables	$\"Entry$	$\"Entry$
C10 Chairs	$\"Entry$	$\"Entry$

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Attempts: 1 of 3 used

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(a3)

$\"\"$
$\"Correct$	Your answer is correct.

For each plant determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 5.25.)

	Materials	Conversion Costs	Total Costs
Unit costs-T12 Tables	$ $\"Entry$	$ $\"Entry$	$ $\"Entry$
Unit costs-C10 Chairs	$ $\"Entry$	$ $\"Entry$	$ $\"Entry$

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Attempts: 2 of 3 used

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(a4)

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$\"Partially$	Your answer is partially correct. Try again.

For each plant show the assignment of costs to units transferred out and in process.

T12 Tables
Costs accounted for:
Transferred out		$ $\"Entry$
Work in process
Materials	$ $\"Entry$
Conversion costs	$\"Entry$	$\"Entry$
Total costs		$ $\"Entry$

C10 Chairs
Costs accounted for:
Transferred out		$ $\"Entry$
Work in process
Materials	$ $\"Entry$
Conversion costs	$\"Entry$	$\"Entry$
Total costs		$ $\"Entry$

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Attempts: 3 of 3 used

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(b)

Prepare the production cost report for Plant 1 for July 2017.

THAKIN INDUSTRIES INC. Cutting Department—Plant 1 Production Cost Report For the Month Ended July 31, 2017
		Equivalent Units
Quantities	Physical Units	Materials	Conversion Costs
Units to be accounted for
Work in process, July 1	$\"\"$
Started into production	$\"\"$
Total units	$\"\"$

Units accounted for
Transferred out	$\"\"$	$\"\"$	$\"\"$
Work in process, July 31	$\"\"$	$\"\"$	$\"\"$
Total units	$\"\"$	$\"\"$	$\"\"$

Costs		Materials	Conversion Costs	Total
Unit costs
Total Costs		$ $\"\"$	$ $\"\"$	$ $\"\"$
Equivalent units		$\"\"$	$\"\"$
Unit costs		$ $\"\"$	$ $\"\"$	$ $\"\"$

Costs to be accounted for
Work in process, July 1				$ $\"\"$
Started into production				$\"\"$
Total costs				$ $\"\"$

Cost Reconciliation Schedule
Costs accounted for
Transferred out				$ $\"\"$
Work in process, July 31
Materials			$ $\"\"$
Conversion costs			$\"\"$	$\"\"$
Total costs				$ $\"\"$