Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are added at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows.

Instructions

a. 1. Compute the physical units of production.

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

3. Determine the unit costs of production for July.

4. Show the assignment of costs to units completed and transferred out and to work in process for July.

b. Prepare the production cost report for July 2022.

Transcribed Image Text:

Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete as to conversion, July 31 Cost Data-July Work in process, July 1 Direct materials used in July Direct labor incurred in July Manufacturing overhead assigned in July Total Cutting Department T12-Tables -0- 20,000 3,000 60% $-0- 380,000 234,400 104,000 $718,400