The Sanding Department of Quik Furniture Company has the following production and manufacturing...
Question:
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation.
| Production: |
|---|
7,000 units finished and transferred out
3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.
| Manufacturing costs: | |
|---|---|
| Materials | $33,000 |
| Labor | $21,000 |
| Overhead | $36,000. |
Prepare a production cost report.
Preparing a Production Cost Report:
The production department of a company may prepare a budgeted production report in advance for the upcoming month where the estimated rates and estimated quantity of production is considered. After the considered period is over, actual production report may also be prepared considering the actual quantity and actual rates.
Answer and Explanation: 1
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View this answerThe calculations for the production report are shown below:
- Here, 7,000 units are finished and transferred out.
- Also, 3,000 units which were started...
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Preparing a Production Cost Report
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Chapter 6 / Lesson 4
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The production of a cost report aids in keeping a record of spending and materials that are utilized by a business. Learn more about what a production cost report is, how many units, counting units, and how to understand what was spent and if it was the company that spent it.
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