Craft Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2020 are presented below.

Production Data		June
Beginning work in process units		0
Units started into production		28,380
Ending work in process units		2,580
Percent completeending inventory		40	%

Cost Data
Materials		$255,420
Labor		69,144
Overhead		145,512
Total		$470,076

a) Prepare a schedule showing physical units of production.

Physical units
Units to be accounted for
Work in process, June 1
Started into production
Total units
Units accounted for
Transferred out
Work in process, June 30
Total units

b) Determine the equivalent units of production for materials and conversion costs.

Total equivalent units: Materials______ Conversion Costs________

c) Compute the unit costs of production.

Unit Costs: Materials $_____Conversion Costs$______ Total Unit Cost $______

d) Determine the costs to be assigned to the units transferred out and in process for June.

Transferred out $________

Work in process, June 30 $_______

e) Prepare a production cost report for the Molding Department for the month of June.

Craft COMPANY Molding Department Production Cost Report For the Month Ended June 30, 2020 Equivalent Units

Quantities Physical Units Materials Conversion Costs

Units to be accounted for
Work in process, June 1
Started into production
Total units
Units accounted for
Transferred out
Work in process, June 30
Total units

Costs

Materials

Conversion Costs

Total

Unit costs
Total Costs
Equivalent units
Unit costs
Costs to be accounted for
Work in process, June 1
Started into production
Total costs

Cost Reconciliation Schedule
Costs accounted for
Transferred out
Work in process, June 30
Materials
Conversion costs
Total costs

Thank you