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WileyPLus – Problem 16-3A Part Lev g ⓘ edugenwileyplus.com/edugen/lti/main.uni Apps Ebony Hoskins @ Th ★ Top Executives Oco O Caring for Your Cum G Google负GCS Volunteer Regis D North Carolina A&T North Carolina A&T + VALS VALS _ype Rate My Professors :: Return to Blackboard WileyPLUS gandt, Managerial Accounting, 7e CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Problem 3-3A (Part Level Submission) CHAPTER THRFF WILFY PLUS HOMEWORK 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. oblem 3-3A (Pa Cutting Department Plant 1 T12-Tables Plant 2 C10-Chairs Production Data-Jul Work in process units, July Units started into production Work in process units, July 31 Work in process percent complete 20,200 3,030 S0 16,160 S0S S0 Cost Data- Work in process, July 1 Materials Labor $0 383,800 236,744 105,040 $725,584 $0 290,830 111,100 105,848 $507,828 Total ▼ (a1) Your answer is correct. For each plant compute the physical units of production. T12 Tables C10 Chairs 16,16 Units to be accounted for 20 LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Attempts: 1 of 15 used 10:21 AMM 9/12/2017 Type here to search
Expert Answer
| Plant 1 | ||||||
| Statement of Equivalent production | ||||||
| Particulars | Direct Materials | %completion | Equivalent mat | Conversion | %completion | Equivalent Conv |
| Opening WIP | – | 0% | – | 0% | – | |
| Units started and completed(20200-3030) | 17,170.00 | 100% | 17,170.00 | 17,170.00 | 100% | 17,170.00 |
| ending WIP | 3,030.00 | 100% | 3,030.00 | 3,030.00 | 60% | 1,818.00 |
| b) Equivalent Units | 20,200.00 | 18,988.00 | ||||
| Current Month Costs | 383,800.00 | 341,784.00 | ||||
| Cost per Equivalent units | 19.00 | 18.00 | ||||
| Units to Account for: | ||||||
| Opening WIP | – | |||||
| Units Transferred in | 20,200.00 | |||||
| Total Units to Account for | 20,200.00 | |||||
| Units Accounted for | ||||||
| Units completed and Transferred Out | 17,170.00 | |||||
| Ending WIP | 3,030.00 | |||||
| a) Total Units accounted for | 20,200.00 | |||||
| Plant 2 | ||||||
| Statement of Equivalent production | ||||||
| Particulars | Direct Materials | %completion | Equivalent mat | Conversion | %completion | Equivalent Conv |
| Opening WIP | – | 0% | – | 0% | – | |
| Units started and completed(16160-505) | 15,655.00 | 100% | 15,655.00 | 15,655.00 | 100% | 15,655.00 |
| ending WIP | 505.00 | 100% | 505.00 | 505.00 | 80% | 404.00 |
| b) Equivalent Units | 16,160.00 | 16,059.00 | ||||
| Current Month Costs | 290,880.00 | 216,948.00 | ||||
| Cost per Equivalent units | 18.00 | 13.51 | ||||
| Units to Account for: | ||||||
| Opening WIP | – | |||||
| Units Transferred in | 16,160.00 | |||||
| Total Units to Account for | 16,160.00 | |||||
| Units Accounted for | ||||||
| Units completed and Transferred Out | 15,655.00 | |||||
| Ending WIP | 505.00 | |||||
| a) Total Units accounted for | 16,160.00 |
