Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 146060%
Units started into production1,150
Work in process units, July 3158040%
Cost Data?Basketballs
Work in process, July 1
Materials$800
Conversion costs 600 $1,400
Direct materials2,150
Direct labor2,090
Manufacturing overhead1,450
(a1)
Calculate the equivalent units of production for materials and conversion costs.
Materials Conversion Costs
Equivalent Units
(a2)
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 $ $
(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 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

$

image text in transcribed 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 $ $ $ $ $ $ $ $ $ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

12th edition

1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056

More Books

Students also viewed these Accounting questions