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.

Production DataBicycles		Units		Percentage Complete
Work in process units, March 1		190		80	%
Units started into production		1,350
Work in process units, March 31		290		40	%

Cost DataBicycles
Work in process units, March 1		$19,030
Direct materials		49,950
Direct labor		26,200
Manufacturing overhead		29,644

Production DataTricycles		Units		Percentage Complete
Work in process units, March 1		120		75	%
Units started into production		1,000
Work in process units, March 31		60		25	%

Cost DataTricycles
Work in process units, March 1		$6,280
Direct materials		31,000
Direct labor		14,400
Manufacturing overhead		19,090

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

eTextbook and Media

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

eTextbook and Media

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		$

eTextbook and Media

Prepare a production cost report for the month of March for the bicycles only.

OWEN COMPANY Production Cost ReportBicycles 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
Costs		Materials		Conversion Costs		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				$
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				$