Problem 3-5A (Video) (Part Level Submission) Production Data—Basketballs Units P

Question

Problem 3-5A (Video) (Part Level Submission)

Production Data—Basketballs

Units

Percent
Complete

Cost Data—Basketballs

550

Prepare a production cost report for the month of July for the basketballs. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 2,250.)

POLK COMPANY
Basketball Department
Production Cost Report
For the Month Ended July 31, 2020

Equivalent Units

Quantities

Physical
Units

Materials

Conversion
Costs

Costs

Materials

Conversion
Costs

Total

Cost Reconciliation Schedule

Problem 3-5A (Video) (Part Level Submission)

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 1 400 60 % Units started into production 1,000 Work in process units, July 31 500 40 %

Cost Data—Basketballs

Work in process, July 1     Materials $700     Conversion costs

550

$1,250 Direct materials 1,960 Direct labor 1,200 Manufacturing overhead 1,000

Explanation / Answer

Prepare a production cost report for the month of July for the basketballs. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 2,250.)

Polak company

Basketball Department

Production cost report

For the month ended july 31,2020

Cost Reconciliation Schedule

Equivalent unit Quantities Physical unit Material Conversion cost Units to be accounted for Work in process, July 1 400 Started into production 1000 Total Units 1400 Units accounted for Unit transferred out 900 900 900 Work in process, July 31 500 500 500*40% = 200 Total Units 1400 1400 1100 Costs Material Conversion cost Total Unit cost Total cost 2660 2750 5410 Equivalent unit 1400 1100 Unit cost 1.90 2.50 4.40 Costs to be accounted for Work in process, July 1 1250 Started into production 4160 Total costs 5410

Cost Reconciliation Schedule

Cost accounted for Transferred out 3960 Work in process july 31 Material 950 Conversion cost 500 1450 Total Costs 5410

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