Business, 28.08.2020 04:01 Lilyy1k

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 1 400 60%
Units started into production 1,090
Work in process units, July 31 540 40%
Cost Data: Basketballs
Work in process, July 1
Materials $760
Conversion costs 590
$1,350
Direct materials 2,630
Direct labor 1,590
Manufacturing overhead 1,110
Required:
1. Calculate the equivalent units of production for materials and conversion costs.
2. Calculate the unit costs of production for materials and conversion costs.
(Round unit costs to 3 decimal places)
3. 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)
4. Prepare a production cost report for the month of July for the basketballs.
(Round unit costs to 3 decimal places and all other answers to 0 decimal places)

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Polk Company manufactures basketballs. Materials are added at the beginning of the production proce...

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