Question

Swifty Company manufactures basketball Materials are deathe production process and conversion costs incurred ory Production and cost data for the northet 2020 Production Data Basketballs Work in process units, July 1 Units stated into production Work in process units, fly 31 CostDataBasketball 560 Work in process, July 1 Materials Conversion costs Direct materials Direct labor Marutacturing overhead

Answer 1

a.Equivalent units of production Units completed and transferred out=470+1 140-600 Units of ending goods in process Equivalent units of production Units % Materials la b 1,010 100% 600 100% 1,610 EUP- Materials % conversion EUP-conversion a*b ac 1,010 100% 1,010 600 40% 1,610 240 1,250 Materials conversion 730 2168 b1. Cost per equivalent unit of production Cost of beginning goods in process Costs incurred this period Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 de cimals) Costs EUP 2898 Costs 1,610 EUP 1.80 560 1,690 (400+1290) 2250 1,250 1.80 3. Cost of units transferred out: EUP Cost per EUP Total cost Material conversion Total costs transferred out |1,0101 1,010 1.80 1.80 1,818 1,818 3,636 3.Work in process July 31. Material conversion Total cost of ending goods in process Total costs EUP Cost per EUP Total cost 600 1.80 1,080 240 1.80 432 1 1 ,512 5,148

Part b: SWIETY COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Physical Units Materials Conversion costs Quantities Units to be accounted for Work in process, July 1 Started into production Total units 470 1140 1610 Units accounted for Transferred out Work in process, July 31 Total units 1,010 600 16101 1010 600 1610 1010 240 (600*0.40) 1250 Materials Conversion costs Total Costs Unit costs Total Costs** Equivalent units Unit costs 5148 2,898 1610 1.80 2,250 1250 1.80 3.60 1.290 Costs to be accounted for Work in process, July 1 Started into production (2400+2820) Total costs 3,858 5148 3636 Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs 1080 432 1512 5148