Cullumber 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. Cullumber uses the FIFO method to calculate equivalent units of production. Production and cost data for the Assembly Department for August are as follows: Units Percent Complete as to Conversion Costs 70% 500 1,500 600 30% $1,200 1,500 1,100 1,114 Production Data-Hockey Pucks Work in process inventory units, August 1 Units started into production Work in process inventory units, August 31 Cost Data-Hockey Pucks Work in process inventory, August 1 Costs added during August Direct materials Direct labour Manufacturing overhead Production Data-Soccer Balls Work in process inventory units, August 1 Units started into production Work in process inventory units, August 31 Cost Data-Soccer Balls Work in process inventory, August 1 Costs added during August Direct materials Direct labour Manufacturing overhead 300 90% 2,210 250 60% $490 3,536 1,000 2,210 Calculate the following for both the hockey pucks and the soccer balls: (Round answers to the nearest whole dollar, e.g. 5,275. Round per unit costs to the 3 decimal places, e.g. 15.253.) 1. The equivalent units of production for materials and conversion costs Hockey pucks Soccer balls Materials 1,500 2,210 Conversion cost 1050 2090 2. The unit production costs for materials and conversion costs Hockey pucks Soccer balls Materials $ 1 1.6 Conversion cost $ $ 3. The assignment of costs to units completed and transferred out and to work in process inventory at the end of the accounting period Hockey pucks Soccer balls $ 1,200 $ 490 Beginning WIP Complete beginning WIP Started and completed Costs for units transferred out Ending WIP $ $ $ Total costs CRANE COMPANY Production Cost Report-Hockey pucks Equivalent Units of Productior Materials Convers Physical Units Quantities Units to be accounted for Work in process inventory, August 1 Started into production Total units to be accounted for Units accounted for Completed and transferred out Work in process inventory, August 1 Started and completed Work in process inventory, August 31 Total units Costs Unit costs Costs in August $ $ Equivalent units of production Unit costs $ $ Unit costs $ Cost Reconciliation Schedule Costs to be accounted for Work in process inventory, August 1 $ Added into production Total costs to be accouned for $ Costs accounted for Completed and transferred out Work in process inventory, August 1 $ Conversion costs to complete beginning inventory Started and completed $ Work in process inventory, August 31 Materials $ Conversion costs Total costs accounted for $ e Textbook and Media Raw material is added at the beginning of processing in the finishing department. The work in process inventory was 70% complete in terms of conversion costs on May 1 and 40% complete in terms of conversion costs on May 31. Carla Vista Instrument Company uses the weighted average method. The equivalent units and current period costs per equivalent unit of production for each cost factor are as follows for the finishing department: Equivalent Units Current Period Costs per Equivalent Unit $6.20 2.30 15,250 15,250 Transferred-in costs Raw materials Conversion costs Total 13,500 4.50 $13.00 Calculate the following amounts: (a) Your answer is correct. The cost of units transferred to finished goods inventory during May Cost of units transferred to finished goods inventory $ 154700 e Textbook and Media Attempts: 1 of 4 used (b) X Your answer is incorrect. The cost of the finishing department's work in process inventory on May 31 Cost of the finishing department's work in process inventory $ 43550