Exercise 16-7 the sanding department of richards furniture company

The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2014, the first month of operation.

Production: 8,010 units finished and transferred out; 4,100 units started that are 100% complete as to materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $42,385; labor $24,270; overhead $31,359.

Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25.)

RICHARDS FURNITURE COMPANY
Sanding Department
Production Cost Report
For the Month Ended March 31, 2014

       

Equivalent Units

   

Quantities

 

Physical
Units

 

Materials

 

Conversion
Costs

   

Units to be accounted for

               

   Work in process, March 1

 
[removed]
           

   Started into production

 
[removed]
           

      Total units

 
[removed]
           
                 

Units accounted for

               

   Transferred out

 
[removed]
 
[removed]
 
[removed]
   

   Work in process, March 31

 
[removed]
 
[removed]
 
[removed]
   

      Total units

 
[removed]
 
[removed]
 
[removed]
   
                 

Costs

     

Materials

 

Conversion
Costs

 

Total

Unit costs

               

   Total Costs

     
$

[removed]
 
$

[removed]
 
$

[removed]

   Equivalent units

     
[removed]
 
[removed]
   

   Unit costs

     
$

[removed]
 
$

[removed]
 
$

[removed]
                 

Costs to be accounted for

               

   Work in process, March 1

             
$

[removed]

   Started into production

             
[removed]

      Total costs

             
$

[removed]
                 

Cost Reconciliation Schedule

               

Costs accounted for

               

   Transferred out

             
$

[removed]

   Work in process, March 31

               

      Materials

         
$

[removed]
   

      Conversion costs

         
[removed]
 
[removed]

   Total costs

             
$

[removed]

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