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 2020 are as follows. Percent Complete Production Data-Basketballs Units Work in process units, July 1 550 60 % Units started into production 1,400 Work in process units, July 31 600 40 % Cost Data-Basketballs Work in process, July 1 Materials $750 Conversion costs 610 $1,360 Direct materials 2,370 Direct labor 654 Manufacturing overhead 1,280 Calculate the equivalent units of production for materials and conversion costs. Materials Conversion Costs Equivalent Units Calculate the assignment of costs to units transferred out and in process at the end of the accounting period. Costs accounted for: Transferred out $ Work in process, July 31 Materials $ 17 Conversion costs Total costs Prepare a production cost report for the month of July for the basketballs. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, eg, 2,250.) POLK COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Physical Units Conversion Costs Materials Quantities Units to be accounted for Work in process, July 1 Started into production Total units 111 111 Units accounted for Transferred out Work in process, July 31 111 Total units Conversion Costs Costs Materials Total Unit costs Total costs $ Equivalent units Unit costs Costs to be accounted for Work in process, July 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials $ Conversion costs 17 71 Total costs