Jessica Company manufactures hockey pucks and soccer balls. For both products, materials are added at the beginning of the production process and conversion costs are incurred evenly. Jessica uses the FIFO method to calculate equivalent units. Production and cost data for the month of August are as follows:

Instructions
(a) Calculate the following for both the hockey pucks and the soccer balls:
1. The equivalent units of production for materials and conversion costs
2. The unit costs of production for materials and conversion costs
3. The assignment of costs to units transferred out and to work in process at the end of the accounting period
(b) Prepare a production cost report for the month of August for the hockey pucks only.

Transcribed Image Text:

Production Data- Work in process units, August 1 Units started into production Work in process units, August 31 Cost Data-Hoc Work in process, August 1 Direct materials Direct labour Manufacturing overhead Production Data-Soccer balls Work in process units, August 1 Units started into production Work in process units, August 31 Units Percent Complete 70% 1,600 3096 $1,125 1,600 1,160 1,000 9096 150 60% Cost Data-Soccer balls Work in process, August 1 Direct materials Direct labour Manufacturing overhead S 450 1,000 995