Question: Im having some trouble figuring out how to work this Current Attempt In Progress Polk Company manufactures basketballs. Materials are added at the beginning of

Im having some trouble figuring out how to work this
Im having some trouble figuring out how to work this Current Attempt
In Progress 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 Units
570 1.260 Percent Complete 60 % 600 40 % Production Data-Basketballs Work
in process units, July 1 Units started into production Work in process

Current Attempt In Progress 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 Units 570 1.260 Percent Complete 60 % 600 40 % 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 Materials Conversion costs Direct materials Direct labor Manufacturing overhead $780 560 $1,340 2,880 1.240 1140 Your answer is partially correct. Calculate the equivalent units of production for materials and conversion costs Materials Conversion Costs Equivalent Units 2830 900 eTextbook and Media X Your answer is incorrect. Calculate the unit costs of production for materials and conversion costs. (Round unit costs to 2 decimal places, e . 2.250) Materials Conversion Costs Cost perunit 25 $ 25 e Textbook and Media Calculate the assignment of costs to units transferred out and in process at the end of the accounting period. Costs accounted for: Transferred out $ 6300 Work in process, July 31 Materials 1425 Conversion costs 600 2025 Total costs 8325 e Textbook and Media Prepare a production cost report for the month of July for the basketballs. (Round unit costs to 2 decimal places es 2 other answers to decimal places, eg. 2.250 POLK COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for A Workin process, Uuly 1 570 Started into production 1260 Total units 1760 Units counted for Transferred But 2200 12 Work in ones. 31 DUO bo 200 Tot un BI Conversion Costs Costs Materials Unit costs Total costs $ 3660 Equivalent units 1860 Unit costs 47 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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!