Problem 21-3a _ thakin industries inc.

Problem 21-3A _ THAKIN INDUSTRIES INC.
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
Production Data—July                                   Plant 1                  Plant 2
                                                                                T12­Tables            C10­Chairs
Work in process units, July 1                                       0                              0
Units started into production                     24,200                   19,360
Work in process units, July 31                       3,630                      605
Work in process percent complete          60                           80
Cost Data—July
Work in process, July 1                                  $0                           $0
Materials                                                             459,800                 348,480
Labor                                                                     283,624                 133,100
Overhead                                                            125,840                 126,808
Total                                                                      $869,264              $608,388
For each plant compute the physical units of production.
                                                                                T12 Tables           C10 Chairs
Units to be accounted for
For each plant compute equivalent units of production for materials and for conversion costs.
                                                                                Materials             Conversion Costs
T12 Tables
C10 Chairs
For each plant determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 5.25.)
                                                                                Materials             Conversion Costs             Total Costs
Unit costs­T12 Tables                                       $                              $                                              $
Unit costs­C10 Chairs                                       $                              $                                              $
 
For each plant show the assignment of costs to units transferred out and in process.
                                                                T12 Tables
Costs accounted for:
Transferred out                                $
Work in process
                Materials             $
                Conversion costs
Total costs                                           $
                                                C10 Chairs
Costs accounted for:
Transferred out                                $
Work in process
                Materials             $
                Conversion costs
 Total costs                                          $
Prepare the production cost report for Plant 1 for July 2017.
                                                                THAKIN INDUSTRIES INC.
                                                                Cutting Department—Plant 1
                                                                Production Cost Report
                                                                For the Month Ended July 31, 2017
                                                                                                                Equivalent Units
Quantities                                           Physical Units    Materials             Conversion Costs
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
 
Costs                                                                     Materials                             Conversion Costs             Total
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