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 1				600		60	%
Units started into production				1,250
Work in process units, July 31				500		40	%
Cost DataBasketballs
Work in process, July 1
Materials		$ 770
Conversion costs		610		$ 1,380
Direct materials				2,005
Direct labor				465
Manufacturing overhead				1,250

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

		Materials		Conversion Costs
Equivalent Units

2 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		$		$

3 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		$

4 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, 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 for
Work in process, July 1
Started into production
Total units
Units accounted for
Transferred out
Work in process, July 31
Total units
Costs				Materials		Conversion Costs		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
Total costs								$