Polk manufactures basketballs. Materials are added only at the beginning of the production period, and conversion costs are constant throughout the period. The following information is available for the July production run:

Beginning WIP 500 units 100% complete, materials 60% complete, conversion

Units started in production 1,000

Ending WIP 600 units 100% complete, materials 40% complete, conversion

Cost Data:

Work in Process, Beg.

Materials $750

Conversion $600

Direct Materials $2400

Direct Labor $1580

Manufacturing OH $1240

1. Calculate equivalent units for both materials and conversion
2. Calculate unit costs for materials and conversion
3. Assign costs to units transferred out and ending WIP
4. Prepare a production cost report