Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Percentage Complete 80 % Production Data-Bicycles Work in process units, March 1 Units started into production Work in process units, March 31 Units 210 1,370 290 40 % Cost Data-Bicycles Work in process units, March 1 Direct materials Direct labor Manufacturing overhead $19,260 49,320 26,100 29,610 Percentage Complete 75 % Production Data-Tricycles Work in process units, March 1 Units started into production Work in process units, March 31 Units 140 990 60 25 % Cost Data-Tricycles Work in process units, March 1 Direct materials Direct labor Manufacturing overhead $6,100 30,690 14,300 19,020 Calculate the equivalent units of production for materials and conversion costs for both the bicycles and the tricycles. Materials Conversion Costs Equivalent Units of bicycles Equivalent Units of tricycles e Textbook and Media Assistance Used Calculate the unit costs of production for materials and conversion costs for both the bicycles and the tricycles. 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. Bicycles $ Costs accounted for: Transferred out Work in process, March 31 Materials $ Conversion costs Total costs $ Tricycles $ Costs accounted for: Transferred out Work in process, March 31 Materials $ Conversion costs Total costs $ Prepare a production cost report for the month of March for the bicycles only. OWEN COMPANY Production Cost Report-Bicycles For the Month Ended March 31 Equivalent Units Physical Units Materials Conversion Costs Quantities 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 Materials Total Costs Unit costs Costs in March $ Equivalent units Unit costs $ Costs to be accounted for Work in process, March 1 $ Started into production Total costs $ Conversion Costs Materials Total Costs Unit costs Costs in March Equivalent units Unit costs $ $ $ Costs to be accounted for Work in process, March 1 Started into production Total costs $ $ 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 $
