Problem 16-3A (Part Level Submission) Thakin Industries Inc.manufactures dorm furniture in separate processes. In...

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Accounting

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 areincurred uniformly. Production and cost data for the first processin making two products in two different manufacturing plants are asfollows. Cutting Department Production Data—July Plant 1 T12-TablesPlant 2 C10-Chairs Work in process units, July 1 0 0 Units startedinto production 21,000 16,800 Work in process units, July 31 3,150525 Work in process percent complete 60 80 Cost Data—July Work inprocess, July 1 $0 $0 Materials 399,000 302,400 Labor 246,120115,500 Overhead 109,200 110,040 Total $754,320 $527,940 (a1) Youranswer is correct. For each plant compute the physical units ofproduction. T12 Tables C10 Chairs Units to be accounted for Clickif you would like to Show Work for this question: Open Show WorkShow Solution Show Answer Link to Text Attempts: 1 of 3 used (a2)Your answer is correct. For each plant compute equivalent units ofproduction for materials and for conversion costs. MaterialsConversion Costs T12 Tables C10 Chairs Click if you would like toShow Work for this question: Open Show Work Show Solution ShowAnswer Link to Text Attempts: 1 of 3 used (a3) Your answer iscorrect. For each plant determine the unit costs of production.(Round unit costs to 2 decimal places, e.g. 5.25.) MaterialsConversion Costs Total Costs Unit costs-T12 Tables $ $ $ Unitcosts-C10 Chairs $ $ $ Click if you would like to Show Work forthis question: Open Show Work Show Solution Show Answer Link toText Attempts: 1 of 3 used (a4) For each plant show the assignmentof costs to units transferred out and in process. T12 Tables Costsaccounted for: Transferred out $ Work in process Materials $Conversion costs Total costs $ C10 Chairs Costs accounted for:Transferred out $ Work in process Materials $ Conversion costsTotal costs $

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3.7 Ratings (333 Votes)

a(4)
T12 Tables
Costs accounted for:
Transferred out 660450 =17850*37
Work in process
Materials 59850 =(3150*19)
Conversion costs 34020 93870 =1890*18
Total costs 754320
C10 Chairs
Costs accounted for:
Transferred out 512825.25 =16275*31.51
Work in process
Materials 9450.00 =525*18
Conversion costs 5674.20 15124.20 =420*13.51
Total costs 527949.45
Alternatively:
C10 Chairs
Costs accounted for:
Transferred out 512825
Work in process
Materials 9450
Conversion costs 5674 15124
Total costs 527949
Workings:
T12 Tables C10 Chairs
Materials Conversion Costs Materials Conversion Costs
Units completed and transferred out 17850 17850 16275 16275
Work in process units, July 31 3150 1890 525 420
Equivalent units of production 21000 19740 16800 16695
T12 Tables C10 Chairs
Materials Conversion Costs Materials Conversion Costs
Total costs 399000 355320 302400 225540
Divide by Equivalent units of production 21000 19740 16800 16695
Unit costs of production 19.00 18.00 18.00 13.51

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In: AccountingProblem 16-3A (Part Level Submission) Thakin Industries Inc.manufactures dorm furniture in separate processes. In each...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 areincurred uniformly. Production and cost data for the first processin making two products in two different manufacturing plants are asfollows. Cutting Department Production Data—July Plant 1 T12-TablesPlant 2 C10-Chairs Work in process units, July 1 0 0 Units startedinto production 21,000 16,800 Work in process units, July 31 3,150525 Work in process percent complete 60 80 Cost Data—July Work inprocess, July 1 $0 $0 Materials 399,000 302,400 Labor 246,120115,500 Overhead 109,200 110,040 Total $754,320 $527,940 (a1) Youranswer is correct. For each plant compute the physical units ofproduction. T12 Tables C10 Chairs Units to be accounted for Clickif you would like to Show Work for this question: Open Show WorkShow Solution Show Answer Link to Text Attempts: 1 of 3 used (a2)Your answer is correct. For each plant compute equivalent units ofproduction for materials and for conversion costs. MaterialsConversion Costs T12 Tables C10 Chairs Click if you would like toShow Work for this question: Open Show Work Show Solution ShowAnswer Link to Text Attempts: 1 of 3 used (a3) Your answer iscorrect. For each plant determine the unit costs of production.(Round unit costs to 2 decimal places, e.g. 5.25.) MaterialsConversion Costs Total Costs Unit costs-T12 Tables $ $ $ Unitcosts-C10 Chairs $ $ $ Click if you would like to Show Work forthis question: Open Show Work Show Solution Show Answer Link toText Attempts: 1 of 3 used (a4) For each plant show the assignmentof costs to units transferred out and in process. T12 Tables Costsaccounted for: Transferred out $ Work in process Materials $Conversion costs Total costs $ C10 Chairs Costs accounted for:Transferred out $ Work in process Materials $ Conversion costsTotal costs $

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