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Posted: March 17th, 2023
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
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