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 1 500 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
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, e. g. 2.257.)
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, e. g. 2,250.)
4. Prepare a production cost report for the month of July for the basketballs.