“ edugenwileyplus.com LS tey sotr RCES Problem 17-5A (Part Level Submission) Pol

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“ edugenwileyplus.com LS tey sotr RCES Problem 17-5A (Part Level Submission) Polk Company manufactures basketbalis. Materials are added at the beginning of the production process and conversion uniformly. Production and cost data for the month of July 2017 are as follows. costs are incunn Percent 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 1 550 1,400 570 60% 40% tudy $750 Conversion costs Direct materials Direct labor 610 $1,360 2,370 1,510 1,280 (al) Your answer is correct. Calculate the equivalent units of production for material's and conversion costs Conversion Costs Equivalent Units 1608 SHOW SOLUTION SHow LINK TO Attempts:1 of 3 used

Explanation / Answer

Unit Cost of material and Conversion cost is as calculated below:

Polk Company Cost of production Report Month ended July 31 Equivalent Units Flow of Production Flow of physical units Direct material Conversion Cost Units to account for:    Work in process, July 1 550    Started in production 1,400    Total physical units to account for 1,950 Units accounted for: Transferred out 1,380 1,380 1,380 Work in process, July 31 570 570 228 Total units to be assigned cost 1,950 1,950 1,608 Cost per equivalent unit Cost in July 3,120 3400 Total equivalent units 1,950 1,608 Cost per equivalent unit 1.600 2.114

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