Fong Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2012 are as follows. Production Data-Basketballs Units Percent Complete Work in process units, July 1 390 60% Units started into production 1,480 Work in process units, July 31 580 30% Cost Data - Basketballs Work in process, July 1 Materials $719 Conversion costs 507 $1,226 Direct materials 3,582 Direct labor 1,616 Manufacturing overhead 3,733 Calculate the following. (Round cost per unit to 2 decimal places, e.g. 10.50. Round other answers to 0 decimal places, e.g. 125.) 1.The equivalent units of production for materials and conversion. Materials ___________ Conversion costs________ 2.The unit costs of production for materials and conversion costs. Unit cost-Materials $ _____ Unit cost-Conversion costs $ _____ 3.The assignment of costs to units transferred out and in process at the end of the period. Costs accounted for Transferred out $ ________ Work in process, July 31 Materials _______ Conversion costs _____ _______ Total costs $______ Complete the production cost report for the month of July for the basketballs. FONG COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2012 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, July 1 ___________ Started into production ____________ Total units ___________ Units accounted for __________ _________ _________ Transferred out Work in process, July 31 __________ _________ _________ Total units _________ _________ ________ Costs Materials Conversion Costs total Unit costs Costs in July $_____ $________ $_______ Equivalent units _____ ______ Unit costs $______ $______ Cost to be accounted for Work in process, July 1 $____ Started into production ______ Total costs $________ Cost Reconciliation Schedule Costs accounted for Transferred out $ __________ Work in process, July 31 Materials $________ Conversion costs _________ _______ Total costs $________