Problem 16-3A (Part Level Submission) Thakin Industries Inc, manufactures dorm f

Question

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 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 18,000 500 80 20,000 Cost Data-July Work in process, July 1 Materials Labor Overhead 288,000 110,000 104,800 $718,400$502,800 $0 380,000 234,400 104,000 Total (al) Your answer is correct

Explanation / Answer

T12 Tables C10 Chairs Units to be accounted for 20000 18000 T12 Tables : Phy Mat Con Total Owip 0 0 0 started and completed 17000 17000 17000 transferred out 17000 Cwip 3000 3000 1800 Equivalent units 20000 18800 Total costs 380000 338400 Cost per eq unit 19 18 transferred out 17000*19=323000 17000*18=306000 629000 CWIP 3000*19=57000 1800*18= 32400 89400 C10 Chairs : Phy Mat Con Total Owip 0 0 0 started and completed 17500 17500 17500 transferred out 17500 Cwip 500 500 400 Equivalent units 18000 17900 Total costs 288000 214800 Cost per eq unit 16 12 transferred out 17500*16=280000 17500*12=210000 490000 CWIP 500*16=8000 400*12= 4800 12800

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