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Seagren Industries Inc. manufactures in separate processes furniture for homes. 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
T12-Tables

Plant 2
C10-Chairs
Work in process units, July 1
0
0
Units started into production
21,090
17,760
Work in process units, July 31
3,330
555
Work in process percent complete
60
80





Cost Data-July



Work in process, July 1
$0
$0
Materials
421,800
319,680
Labor
259,962
122,100
Overhead
115,440
107,337
   Total
$797,202
$549,117

Prepare the production cost report for Plant 1 for July 2014.

SEAGREN INDUSTRIES INC.
Cutting Department-Plant 1
Production Cost Report
For the Month Ended July 31, 2014




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






$

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9959368

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