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(a) Calculate the following

(1) The equivalent units of production for materials and conversion costs.

(2)The unit costs of production for materials and conversion costs.

(3)The assignment of costs to units transferred out and in process at the end of the accounting period.

(b)Prepare a production cost report for the month of July for the basketballs.

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. 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 Units Complete 530 60% 1,320 600 40% Materials 720 Conversion costs Direct materials Direct labor Manufacturing overhead 640 $1,360 2,425 663 1,230 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 s LINK TO TEXT LINK TO TEXT 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 Work in process, July 31 Materials Conversion costs Total costs 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 s LINK TO TEXT LINK TO TEXT 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 Work in process, July 31 Materials Conversion costs Total costs Prepare a production cost report for the month of July for the basketballs. (Round unit costs to 3 decimal places, e.g. 2.257 and all other answers to O decimal places, e.g. 2,250.) POLK COMPANY Production Cost Report For the Month Ended July 31, 2017 Equivalent Units Physical Units Conversion Costs Quantities Materials Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for Transferred out Work in process, July 31 Total units Conversion Costs Costs Materials Costs in July Equivalent units Unit costs Costs to be accounted for Work in process, July 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs LINK TO TEXT LINK TO TEXT

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