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 Plant1 T12-Tables Plant 2 C10-Chairs Production Data-July Work in process units, July1 Units started into production Work in process units, July 31 Work in process percent complete 21,600 3,240 60 17,280 540 80 Cost Data-July Work in process, July1 Materials Labor Overhead $0 410,400 253,152 112,320 $775,872 $0 311,040 118,800 113,184 $543,024 Total (a1) Your answer is correct. For each plant compute the physical units of production T12 Tables C10 Chairs 17280 Units to be accounted for 21600 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTIONSHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used

Explanation / Answer

Prepare production cost report :

Equivalent unit Physical unit Material Conversion Units to be accounted for Work in process, July 1 0 Started into production 21600 Total units 21600 Units accounted for Units transferred out 18360 18360 18360 Work in process, July 31 3240 3240 1944 Total Units 21600 21600 20304 Material Conversion Total Unit cost Total cost 410400 365472 775872 Equivalent unit 21600 20304 Unit cost 19 18 37 Cost to be accounted for Work in process july 1 0 Started into production 775872 Total cost 775872 Cost reconciliation schedule Cost accounted for Transferred out 679320 WOrk in process, july 31 Material 61560 Conversion cost 34992 96552 Total cost 775872

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