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.

Production DataBasketballs

Units

Percent

Complete

Work in process units, July 150060%Units started into production1,350Work in process units, July 3150040%Cost DataBasketballs

Work in process, July 1Materials$750Conversion costs630

$1,380Direct materials2,395Direct labor785Manufacturing overhead1,220

Calculate the equivalent units of production for materials and conversion costs.

Materials

Conversion Costs

Equivalent Units

eTextbook and Media

Calculate the unit costs of production for materials and conversion costs.(Round unit costs to 2 decimal places, e.g. 2.25.)

Materials

Conversion Costs

Cost per unit$

$

eTextbook and Media

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

$

Conversion costs

Total costs

$

eTextbook and Media

Prepare an 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, e.g. 2,250.)

POLK COMPANY

Basketball Department

Production Cost Report

For the Month Ended July 31, 2020

Equivalent Units

Quantities

Physical

Units

Materials

Conversion

Costs

Units to be accounted forWork in process, July 1

Started into production

Total units

Units accounted forTransferred out

Work in process, July 31

Total units

Costs

Materials

Conversion

Costs

Total

Unit costsTotal costs$

$

$

Equivalent units

Unit costs$

$

$

Costs to be accounted forWork in process, July 1$

Started into production

Total costs$

Cost Reconciliation Schedule

Costs accounted forTransferred out$

Work in process, July 31Materials$

Conversion costs

Total costs$

eTextbook and Media