Seagren Industries Inc. manufactures in separate processes furniture for homes.
ID: 2422978 • Letter: S
Question
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.
b. Prepare the production cost report for Plant 1 for July 2014.
Problem 16-3A (Part Level Submission) 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 Plant 1 Plant 2 T12-Tables Production Data-July C10-Chairs Work in process units, July 1. 20,900 Units started into production 17,600 Work in process units, July 31 3,300 550 Work in process percent complete 60 80 Cost Data-July Work in process, July 1 $0 $0 316,800 Materials 18,000 257,620 Labor 121,000 106,370 114,400 Overhead Total $790,020 $544,170Explanation / Answer
SeaGren Industries
Cutting department - Plant 1
Production Cost Report
For the month ended July 31, 2014
Quantities
Physical Units
Equivalent Units
Materials
Coversion costs
Units to be accounted for
Work in process, Jul 1
0
Started into Production
20,900
Total Units
20,900
Units Accounted for
Transferred out
17,600
17,600
17,600
Work in progress, Jul 31
3,300
3,300
1,980
Total Units
20,900
20,900
19,580
Costs
Materials
Conversion Costs
Total
Total Costs
418,000
372,020
790,020
Equivalent units
20,900
19,580
Unit Costs
20
19
39
Costs to be accounted for
Work in progress, Jul 1
-
Started into production
790,020
Total Costs
790,020
Cost reconciliation schedule
Transferred out
352000
334,400
686,400
Work in progress, Jul1
66000
37,620
Materials
66,000
Conversion cost
37,620
103,620
Total Costs
790,020
SeaGren Industries
Cutting department - Plant 1
Production Cost Report
For the month ended July 31, 2014
Quantities
Physical Units
Equivalent Units
Materials
Coversion costs
Units to be accounted for
Work in process, Jul 1
0
Started into Production
20,900
Total Units
20,900
Units Accounted for
Transferred out
17,600
17,600
17,600
Work in progress, Jul 31
3,300
3,300
1,980
Total Units
20,900
20,900
19,580
Costs
Materials
Conversion Costs
Total
Total Costs
418,000
372,020
790,020
Equivalent units
20,900
19,580
Unit Costs
20
19
39
Costs to be accounted for
Work in progress, Jul 1
-
Started into production
790,020
Total Costs
790,020
Cost reconciliation schedule
Transferred out
352000
334,400
686,400
Work in progress, Jul1
66000
37,620
Materials
66,000
Conversion cost
37,620
103,620
Total Costs
790,020
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