Reference no: EM131007063
Chakos Industries Inc manufactures in seprarate processes furniture homes. In each process, materials entered ar the beginning, and conversion costs are incurred informly. Production and cost data for the first process in making two products in two diff manufacturing plants are as follows:
Production - July /Plant 1 T12 Tables /Plant 2 C10chairs
Work in process units 7/1 -0- -0-
Units started 20,000 16,000
Work in process 7/31 3,000 500
Work in prcess complete 60 80
Cost data July
Work in process 7/1 -0- -0-
Material 380,000 288,000
Labor 234,000 125,900
Overhead 104,000 96,700
Total 718,400 510,600
a) For each plant:
1) Compute the physical units of production
2) Compute equivalent units of production for materials and conversion costs
3) Determine the unit cost 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.
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