Maloney 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 uniformly. Maloney uses the FIFO method to calculate equivalent units. Production and cost data for the month of August are as shown below.

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 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 Hoc Work in process units, August 1 Units started into production Work in process units, August 31 Cost Data-Ho 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 Cost Data-Soccer balls Work in process, August 1 Direct materials Direct labour Manufacturing overhead Units Percent Complete 1,600 $1,125 1,600 1,175 1,000 Units Percent Complete 80% 150 $ 450 1,000 70% 995