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 1 580 60 % Units started into production 1,380 Work in process units, July 31 600 40 % Cost DataBasketballs Work in process, July 1 Materials $770 Conversion costs 600 $1,370 Direct materials 2,954 Direct labor 1,090 Manufacturing overhead 1,350

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 Units Complete 580 60% 1,380 600 40% 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 Materials Conversion costs Direct materials Direct labor Manufacturing overhead $770 600 $1,370 2,954 1,090 1.350 Calculate the equivalent units of production for materials and conversion costs. Materials Conversion Costs Equivalent Units 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 $ e Textbook 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 $ 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 O decimal places, e.g. 2,250.) POLK COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Conversion Materials Costs Physical Quantities Units 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 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 Total costs $