Question

UL U ule pluULUUH process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Percent Units Complete 530 60% 1.320 600 40% Production Data-Basketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials Conversion costs Direct materials Direct labor Manufacturing overhead $720 640 $1,360 2.425 663 1.230 V Your answer is correct Calculate the equivalent units of production for materials and conversion costs. Materials Conversion Costs Equivalent Units 1850 Assistance Used e Textbook and Media video

Answer 1

			Polk Company
				Equivalent units
			Physical	Mateials	Conversion
			units		costs
Quantities
Units to be accounted for
Work in process,July 1			530
Started into production			1,320
Total units			1850
Units accounted for
Transferred out			1250	1250	1250
Work in process,July 31			600	600	240
Total units			1850	1850	1490
Costs				Materials	CC	Total
Unit costs
Costs in July				3145	2533	5678
Equivalent units				1850	1490
unit costs				1.70	1.70	3.40
Costs to be accounted for
Work in process July 1						1,360
Started into production						4318
Total costs						5,678
Cost Reconcilation Scheule
Cost accounted for
Transferred out						4250
Work in process,July 31
Materials					1020
Conversion costs					408	1428
Total costs						5678