Lily Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Lily Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Percentage Complete Production Data--Bicycles Units 190 80 % Work in process units, March 1 Units started into production Work in process units, March 31 1,300 310 40 % Cost Data-Bicycles Work in process units, March 1 Direct materials $19,040 50,700 25,900 Direct labor Manufacturing overhead 29,396 Production Data-Tricycles Percentage Complete Units Work in process units, March 1 120 75 % 1,010 Units started into production Work in process units, March 31 60 25 % Cost Data-Tricycles Work in process units, March 1 $6,320 Direct materials 30,300 Direct labor 14,500 Manufacturing overhead 20,325 Calculate the equivalent units of production for materials and conversion costs for both the bicycles and the tricycles. (Round answers to o decimal places, e.g. 2,520.) Materials Conversion Costs Equivalent Units of bicycles Equivalent Units of tricycles Calculate the unit costs of production for materials and conversion costs for both the bicycles and the tricycles. (Round unlt costs to 3 decimal places, e.g. 25.215.) Materials Conversion Costs Unit costs of bicycles Unit costs of tricycles Calculate the assignment of costs to units transferred out and in process at the end of the accounting period for both the bicycles and the tricycles. (Round answers to o decimal places, e.g. 2,520.) Bicycles Costs accounted for: Transferred out $ Work in process, March 1 Materials S Conversion costs Total costs $ Tricycles Costs accounted for: Transferred out $ Work in process, March 1 Materials S Conversion costs Total costs $ Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, e.g. 25.123 and all other answers to 0 decimal places, e.g. 2,520.) OWEN COMPANY Production Cost Report-Bicycles For the Month Ended March 31 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, March 1 Started into production Total units Units accounted for Completed and transferred out Work in process, March 1 Started and completed Work in process, March 31 , Total units Conversion Costs Costs Materials Total Unit costs Costs in March $ $ $ Equivalent units Unit costs $ $ Costs to be accounted for Work in process, March 1 $ Started into production Total costs S Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, March 1 $ Conversion costs to complete beginning inventory Started and completed $ Work in process, March 31 Materials Conversion costs Total costs $
