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P16-5A 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 2017 are as follows 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 Units 500 1,000 600 Percentage Complete 60% 40% Materials $750 600 $1,350 2,400 1,580 1,240 Conversion costs Direct materials Direct labor Manufacturing overhead Instructions (a) Calculate the following. 1. The equivalent units of production for materials and conversion costs 2. The unit costs of production for materials and conversion costs. 3. The assignment of costs to units transferred out and in process at the end of the accounting period. (a) (2) Materials $2.10 (3) Transferred out $4,590 $1,980 WIP (b) Prepare a production cost report for the month of July for the basketballs