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 1 500 60 % Units started into production 1,350 Work in process units, July 31 500 40 % Cost DataBasketballs Work in process, July 1 Materials $750 Conversion costs 630 $1,380 Direct materials 2,395 Direct labor 785 Manufacturing overhead 1,220 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 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 $ eTextbook and Media