80.2K

Verified Solution

Link Copied!

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 Plant 1 Plant 2 T12-Tables C10-Chairs Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete 17,120 21,400 3,210 M in 60 60 $0 $0 Cost Data-July Work in process, July 1 Materials Labor Overhead Total 406,600 250,808 111,280 $768,688 308,160 117,700 112,136 $537,996 (a1) Your answer is correct. For each plant compute the physical units of production. T12 Tables C10 Chairs Units to be accounted for 21400 17120 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER Your answer is correct. For each plant compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs T12 Tables 21,400 2 0116 C10 Chairs 17.120 17013 Click if you would like to Show Work for this question: Open Show Work For each plant determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. Materials Conversion Costs Total Costs Unit costs-T12 Tables 37 Unit costs-C10 Chairs 13.51 [ 31.51 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT (24) Your answer is correct. For each plant show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out 673030 Work in process Materials 60990 Conversion costs 34668 9 5658 Total costs 768688 C10 Chairs Costs accounted for: Transferred out 522593 Work in process Materials 9630 Conversion costs 7 5 7 Total costs 538005 Click if you would like to Show Work for this question: Open Show Work THAKIN INDUSTRIES INC. Cutting Department-plant 1 Production Cost Report For the Month Ended July 31, 2017 Equivalent Units Physical Conversion Units Materials Costs Quantities 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 Materials Conversion Costs Total Costs 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 Click if you would like to show Work for this question. Onan Show Work

Answer & Explanation Solved by verified expert

See Answer