Problem 175A Part Level Submission Polk Company manufactures

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 Production Data- Basketballs Work in process units, July l Units started into Units Complete 520 60% 1,130 Work in process units, uly 31 Cost Data- 540 40% Work in process, July Materials$750 Conversion60 $1,350 costs Direct materials Direct labor Manufacturing overhead 2,470 1,320 1,020 (a1) Your answer is correct. Calculate the equivalent units of production for materials and conversion costs. Equivalent Units 1650 1326 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 2 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.) Ma Cost per unit 1.952 2.217 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 3 of 3 used

Solution

Unit Reconciliation Units to account for: Beginning WIP                  520 Started into Production              1,130 Total units to account for              1,650 Total units accounted for Completed during the period (1650 - 540)              1,110 Ending WIP                  540 Total units accounted for              1,650 Equivalent Units of Production (EUP) - Weighted Average Method Units % - Materials EUP - Materials % - Conversion Cost EUP - Conversion Cost Completed during the period              1,110 100%                        1,110 100% 1110 Ending WIP                  540 100%                            540 40% 216 Equivalent Units of Production (EUP)                        1,650                             1,326 Cost per EUP Materials Conversion Beginning WIP                      750.00                           600.00 Cost Incurred during the period                  2,470.00                       2,340.00 Total Costs Costs                  3,220.00 Costs                       2,940.00 Equivalent Units of Production (EUP) EUP                        1,650 EUP                             1,326 Cost per Equivalent Units of Production                        1.952                             2.217 Cost Assignment and Reconciliation Costs Transferred Out EUP Cost per EUP Total Cost Direct Materials        1,110.00                        1.952                        2,166 Conversion        1,110.00                        2.217                        2,461 Total transferred Out                        4,627 Costs of Ending WIP EUP Cost per EUP Total Cost Direct Materials            540.00                        1.952                        1,054 Conversion            216.00                        2.217                            479 Total Ending WIP                        1,533 Total costs accounted for                6,160