Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How would i prepare a production cost report? How do I find transferred out, work in process, total costs, work in process july 1, and
How would i prepare a production cost report? How do I find transferred out, work in process, total costs, work in process july 1, and started into production
Polk 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 2020 are as follows. Percent Complete 60% Units 530 1320 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 $720 640 $1,360 2.425 663 1.230 (a1) Your answer is correct Calculate the equivalent units of production for materials and conversion costs. Materials Conversion Costs 1490 Equivalent Units 1950 e Textbook and Media Prepare a production cost report for the month of July for the basketballs. (Round unit costs to 2 decimal places, eg, 2.25 and all other answers to O decimal places, e.g. 2,250) POLK COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Conversion Materials Costs Physical Units Quantities Units to be accounted for Work in process, July 1 530 Started into production 1320 Total units 1850 Units accounted for Transferred out 4250 4250 4250 Work in process, July 31 600 1020 408 Total units 4850 5270 4658 Conversion Costs Materials Costs Unit costs Total costs 2425 Equivalent units 1850 1490 Unit costs 1.70 1.70 3.40 Costs to be accounted for Work in process, July 1 Started into production Conversion Costs Materials Total Costs Unit costs Total costs C Equivalent units $ C2425 C 1850 $ 1.70 1490 Unit costs 1.70 1.70 3.40 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 1020 Conversion costs 408 1428 Total costs 5678Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started