*Problem 17-5A (Part Level Submission) Polk Company manufactures basketballs. Ma

Question

*Problem 17-5A (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 2017 are as follows. Percent Com Production Data-Basketballs Work in process units, July l Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Units 60 % 1,330 540 40 % $750 Materials Conversion costs 550 $1,400 2,030 1,260 1,280 Direct materials Direct labor (a1) Your answer is correct. Calculate the equivalent units of production for materials and conversion costs. Materials Conversion Costs Equivalent Units Attempts: 1 of 3 used (a2) Your answer is correct. Calculate the unit costs of production for materials and conversion costs. (Round unit costs to 3 decimal places, e.g. 2.257.) Materials Conversion Costs Cost per unit Attempts: 2 of 3 used (a3) Your answer is correct. Calculate the assignment of costs to units transferred out and in process at the end of the accounting period. (Round answers to O decimal places, e.g. 2,250.) Costs accounted for: Transferred out 661 Work in process, July 31 Materials Conversion costs Total costs Attempts: 1 of 3 used

Explanation / Answer

Production cost report :

Equivalent unit Physical unit Material Conversion Cost Units to be accounted for Work in process July 1 460 Unit started 1330 Total units 1790 Units accounted for Transferred out 1250 1250 1250 Work in process, July 31 540 540 216 Total units 1790 1790 1466 Costs Material Conversion cost Total Cost in july 2780 3190 5970 Equivalent unit 1790 1466 Unit cost 1.553 2.176 3.729 Cost to be accounted for Work in process, July 1 1400 Started into production 4570 Total cost 5970 Cost reconciliation schedule Transferred out 4661 Work in process, July 31 Materials 839 Conversion cost 470 1309 Total costs 5970

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