Problem 16-05A

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.

Problem 16-05A 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 Data-Basketballs Units Percent Complete 60 % Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs 400 1,000 500 40 % Work in process, July 1 Materials $700 550 Conversion costs Direct materials Direct labor Manufacturing overhead $1,250 1,960 1,200 1,000 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 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 0 decimal places, e.g. 2,250.) POLK COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Physical Conversion Units Materials Costs Quantities 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