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 Production Data --Bicycles Units Complete Work in process units, March 1 80 % Units started into production 1.000 Work in process units, March 31 40% 200 300 Cost Data--Bicycles Work in process units, March 1 Direct materials Direct labor Manufacturing overhead $19.280 50,000 25,900 30,000 IN Production Data-Tricycles Units Percentage Complete Units 100 Production Data-Tricycles Work in process units, March 1 Units started into production Work in process units, March 31 Percentage Complete 75 % 1.000 60 25% Cost Data-Tricycles Work in process units, March 1 Direct materials Direct labor Manufacturing overhead $6.125 30.000 14,300 20,000 Part 1 Calculate the equivalent units of production for materials and conversion costs for both the bicycles and the tricycles. (Round answers to 0 decimal places, eg. 2,520) Part 1 Calculate the equivalent units of production for materials and conversion costs for both the bicycles and the tricycles. (Round answers to decimal places, eg. 2,520.) Materials Conversion Costs Equivalent Units of bicycles Equivalent Units of tricycles e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Part 2 Calculate the unit costs of production for materials and conversion costs for both the bicycles and the tricycles. (Round unit costs to 3 decimal places, eg. 25.215.) Materials Conversion Costs Unit costs of bicycles Unit costs of tricycles eTextbook and Media Save for later Attempts: 0 of 3 used Submit Answer Part 3 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 decimal places, eg. 2,520.) Bicycles Costs accounted for: Transferred out Work in process, March 1 Materials $ $ Conversion costs Total costs $ Tricycles Costs accounted for: Transferred out Bad March 1 Tricycles $ Costs accounted for: Transferred out Work in process, March 1 Materials Conversion costs Total costs $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answe Part 4 Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, eg. 25.123 and all other answers to decimal places, eg. 2,520.) OWEN COMPANY Production Cost Report--Bicycles For the Month Ended March 31 Equivalent Units Physical Units Conversion Costs Materials 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 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 $ 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
