Problem 35A Part Level Submission Polk Company manufactures

Problem 3-5A (Part Level Submission) Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly 2017 are as follows Percent Complete 60 % Production Data-Basketballs Work in process units, July1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Units 590 1,230 530 40 % Materials $790 Conversion costs Direct materials Direct labor Manufacturing overhead 570 $1,360 2,920 1,610 1,460 (a1) Your answer is correct. Calculate the equivalent units of production for materials and conversion costs Materials Conversion Costs Equivalent Units 1820 1502

Solution

Costs accounted for: Transferred out 5755 =1290*(2.038+2.423) Work in process, July 31 Materials 1080 =530*2.038 Conversion costs 514 1594 =212*2.423 Total costs 7349