Sheridan 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				530		60	%
Units started into production				1,230
Work in process units, July 31				600		40	%
Cost DataBasketballs
Work in process, July 1
Materials		$720
Conversion costs		650		$1,370
Direct materials				2,448
Direct labor				660
Manufacturing overhead				1,210

Calculate the equivalent units of production for materials and conversion costs.

		Materials		Conversion Costs
Equivalent Units		enter a number of units		enter a number of 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		$enter a dollar amount rounded to 2 decimal places		$enter a dollar amount rounded to 2 decimal places

Calculate the assignment of costs to units transferred out and in process at the end of the accounting period.

Costs accounted for:
Transferred out		$enter a dollar amount
Work in process, July 31
Materials	$enter a dollar amount
Conversion costs	enter a dollar amount	enter a subtotal of the two previous amounts
Total costs		$enter a total amount

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.)

SHERIDAN 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		enter a number of units
Started into production		enter a number of units
Total units		enter a total number of units
Units accounted for
Transferred out		enter a number of units		enter a number of units		enter a number of units
Work in process, July 31		enter a number of units		enter a number of units		enter a number of units
Total units		enter a total number of units		enter a total number of units		enter a total number of units
Costs				Materials		Conversion Costs		Total
Unit costs
Total costs				$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places		$enter a dollar amount rounded to 0 decimal places
Equivalent units				enter a number of units		enter a number of units
Unit costs				$enter a dollar amount rounded to 2 decimal places		$enter a dollar amount rounded to 2 decimal places		$enter a dollar amount rounded to 2 decimal places
Costs to be accounted for
Work in process, July 1								$enter a dollar amount rounded to 0 decimal places
Started into production								enter a dollar amount rounded to 0 decimal places
Total costs								$enter a total of the two previous amounts
Cost Reconciliation Schedule
Costs accounted for
Transferred out								$enter a dollar amount rounded to 0 decimal places
Work in process, July 31
Materials						$enter a dollar amount rounded to 0 decimal places
Conversion costs						enter a dollar amount rounded to 0 decimal places		enter a subtotal of the two previous amounts
Total costs								$enter a total amount