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. QUIK FURNITURE COMPANY

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Question:

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.
QUIK FURNITURE COMPANY
Sanding Department
Production Cost Report
For the Month Ended March 31, 2017
Equivalent Units
Quantities Physical Units Materials Conversion Costs
Units to be accounted for
Work in process, March 1 0
Started into production 10,000
Total units 10,000
Units accounted for
Transferred out 3,000 3,000
Work in process, March 31 4,000 4,000
Total units 7,000 7,000

Answers

Question Completion:Units finished and transferred is 7,000 units.Answer:Quik Furniture CompanyQUIK FURNITURE COMPANY Sanding Department Production Cost Report For the Month Ended March 31, 2017 Equivalent Units: Quantities                          Physical Units   Materials  Conversion Costs Units to be accounted for      Work in process, March 1          0 Started into production            10,000      $40,400       $60,060 Total units                                 10,000 Units accounted for Transferred out                          7,000          7,000             7,000 Work in process, March 31        3,000          3,000                600 Total equivalent units               10,000        10,000             7,600Cost per equivalent unit                               $4.04             $79.03Cost Assigned to:         Materials               Conversion         Total CostsUnits Transferred out  $28,280                   $553,210           $581,490                                 ($4.04 * 7,000)         ($79.03 * 7,000) Ending WIP                    $12,120                   $237,090           $249,210                                 ($4.04 * 3,000)         ($79.03 * 3,000) Total                            $40,400                    $790,300          $830,700Explanation:Quick Furniture's production report summarizes the major four steps (calculating the total costs for materials and conversion, the equivalent units, the cost per equivalent unit, and the total costs assigned to units transferred out and the WIP) that are usually performed to assign production costs to the units transferred out of the production department and the units that are still in work-in-process (WIP) at the end of the report period.

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