https://edugen.wileyplus.com/edugen/iti/main.uni Kimmel, Accounting, 6e CALCULAT

Question

https://edugen.wileyplus.com/edugen/iti/main.uni Kimmel, Accounting, 6e CALCULATOR PRINTERVERSON BACK NEXT ES 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 -s follows Cutting Department Plant 1 Plant 2 Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete T12-Tables C10-Chairs 23,000 3,450 60 18,400 575 80 udy Cost Data-July $0 Work in process, July 1 Materials Labor Overhead $0 331.200 437,000126,500 120,520 269,560 119,600 5826,60 $578,220 Total (al) Your answer is correct. For each plant compute the physical units of production, T12 Tables C10 Chairs Units to be accounted for 23, 18.4 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Attempts: 1 of 3 used (a2)

Explanation / Answer

T 12 Tables C10 Chairs Opening WIP 0 0 Units started into Production 23000 18400 Units to be accounted for 23000 18400 Equivalent units of material and conversion Material Conversion cost T12 Tables Finished goods (23000-3450) 19550 19550 Ending WIP( 3450 units) 3450 2070 Equivalent units T12 Tables 23000 21620 C10 Chairs Finished Goods(18400-575) 17825 17825 Ending WIP (575 units) 575 460 Equivalent units of C10 chairs 18400 18285 Cost per Equivalent unit Material Conversion cost Total T12 Tables Cost 437000 389160 Equivalent units 23000 21620 Cost per unit 19 18 37 C10 Chairs Cost 331200 247020 Equivalent units 18400 18285 Cost per unit 18 13.51 31.51 Cost to be accounted for: Work in process July 1 0 Started in to production Material (437000+331200) 768200 Labour (269560+126500) 396060 Overheads(119600+120520) 240120 TOTAL COST TO BE ACCOUNTED FOR 1404380 Cost Accounted for: T12 Tables Transferred out (19550 units@37) 723350 Closing WIP       Material (3450 units@19) 65550       Conversion(2070 units@18) 37260 102810 Total cost 826160 C10 Chairs Transferred Out(17825 units@31.51) 561665.75 Closing Wip       Material (575 unts@18) 10350       Conversion (460 units@13.51) 6214.6 16564.6 Total cost 578230.35 TOTAL COST ACCOUNTED FOR(826160+578230.35) 1404390.35

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