Question

Problem 16-05A Polk Company manufactures basketballs. Materials are added at the beginning of the production process...

Problem 16-05A

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 2020 are as follows.


Production Data—Basketballs


Units

Percent
Complete

Work in process units, July 1 500 60 %
Units started into production 1,000
Work in process units, July 31 600 40 %

Cost Data—Basketballs

Work in process, July 1
    Materials $750
    Conversion costs

600

$1,350
Direct materials 2,400
Direct labor 1,580
Manufacturing overhead 1,240
Calculate the equivalent units of production for materials and conversion costs.

Materials

Conversion Costs

Equivalent Units

LINK TO TEXT

LINK TO VIDEO

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 $ $

LINK TO TEXT

LINK TO VIDEO

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

Costs accounted for:

   Transferred out

$

   Work in process, July 31

      Materials

$

      Conversion costs

   Total costs

$
0 0
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Answer #1

Equivalent Unit Material Conversion cost Total units 900 Units to be accounted for:- Completed & Transferred Work in Process,

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