Problem 3-5A (Part Level Submission) Please provide excel solution. |
| 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 2017 are as follows. Production Data?Basketballs | Units | Percent Complete | Work in process units, July 1 | 460 | 60 | % | Units started into production | 1,150 | Work in process units, July 31 | 580 | 40 | % | Cost Data?Basketballs | Work in process, July 1 | Materials | $800 | Conversion costs | 600 | $1,400 | Direct materials | 2,150 | Direct labor | 2,090 | Manufacturing overhead | 1,450 |
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| Calculate the equivalent units of production for materials and conversion costs. Materials | Conversion Costs | Equivalent Units | | |
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| Calculate the unit costs of production for materials and conversion costs.(Round unit costs to 3 decimal places, e.g. 2.257.) Materials | Conversion Costs | Cost per unit | $ | $ |
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| Calculate the assignment of costs to units transferred out and in process at the end of the accounting period.(Round answers to 0 decimal places, e.g. 2,250.) Costs accounted for: | Transferred out | $ | Work in process, July 31 | Materials | $ | Conversion costs | | | Total costs | $ |
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| Prepare a production cost report for the month of July for the basketballs.(Round unit costs to 3 decimal places, e.g. 2.257 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, 2017 | 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 | Costs in July | $ | $ | $ | 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 | $ |
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Problem 3-5A (Part Level Submission) Polk Company manufactures basketballs. Materials are added at the beginning of the produc Production and cost data for the month of July 2017 are as follows. Production DataBasketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost DataBasketballs Work in process, July 1 Materials Conversion costs Direct materials Direct labor Manufacturing overhead (a1) Calculate the equivalent units of production for materials and conversion costs. Equivalent Units (a2) Calculate the unit costs of production for materials and conversion costs. (Round unit cost 2.257.) Cost per unit (a3) Calculate the assignment of costs to units transferred out and in process at the end of the accounting period. (Round answers to 0 decimal places, e.g. 2,250.) Costs accounted for: Transferred out Work in process, July 31 Materials $ Conversion costs Total costs (b) Prepare a production cost report for the month of July for the basketballs. (Round unit cost places, e.g. 2,250.) POLK COMPAN Basketball Depart Production Cost Re For the Month Ended Jul 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 Costs Unit costs Costs in July 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 the beginning of the production process and conversion costs are incurred uniformly. s. Percent Units Complete 460 60 % 1,150 580 $800 600 $1,400 2,150 2,090 1,450 nversion costs. Materia ls Conversion Costs 40 % n costs. (Round unit costs to 3 decimal places, e.g. Materia ls Conversion Costs $ $ process at the end s, e.g. 2,250.) $ $ ketballs. (Round unit costs to 3 decimal places, e.g. 2.257 and all other answers to 0 decimal POLK COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2017 Equivalent Units Physica l Units Conversi on Materials Costs Conversi on Materials Costs Total $ $ $ $ $ $ $ $ $ $ $