Compute equivalent units of production for materials

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Reference no: EM13487531

Chakos Industries Inc. manufactures in separate processes furniture for homes. 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

Production Data-July

T12-Tables

C10-Chairs

Work in process units, July 1

-0-

-0-

Units started into production

20,000

16,000

Work in process units, July 31

3,000

500

Work in process percent complete

60

80

 

 

 

Cost Data-July

 

 

Work in process, July 1

$ -0-

$ -0-

Materials

380,000

288,000

Labor

234,400

125,900

Overhead

104,000

96,700

    Total

$718,400

$510,600

 

 

 

Instructions

(a)  For each plant:

(1)  Compare the physical units of production.

(2)  Compute equivalent units of production for materials and for conversion costs.

(3)  Determine the unit costs of production.

(4)  Show the assignment of costs to units transferred out and in process.

(b)  Prepare the production cost report for Plant 1 for July 2012.

Reference no: EM13487531

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