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Hi I need help Morse Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production
Hi I need help
Morse 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 2014 are as follows.
Percent Complete 60% Units 500 1,250 600 40% Production Data-Basketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials Conversion costs Direct materials Direct labor Manufacturing overhead 5750 600 $1,350 2,400 1.580 1.295 (1) The equivalent units of production for materials and conversion costs. Materials Conversion Costs Equivalent Units 1750 1390 (2) The unit costs of production for materials and conversion costs. (Round unit costs to 3 decimal places, e.g. 2.257.) Materials Cost per unit Conversion Costs 2.50 1.80 (3) The assignment of costs to units transferred out and in process at the end of the accounting period. (Round answers to O decimal places, e.g. 2,250.) Costs accounted for: Transferred out 4945 Work in process, July 31 Materials 1080 Conversion costs 11 500 1680 Total costs 6625 MORSE COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2014 Equivalent Units Conversion Materials Costs Physical Units Quantities Units to be accounted for Work in process, July 1 500 1,250 Started into production Total units 1.750 Units accounted for Transferred out Work in process, July 31 Total units Conversion Costs Materials Total Costs Unit costs Costs in July Equivalent units Unit costs Costs 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 costsStep by Step Solution
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