Morse company manufactures basketballs materials are added

Reference no: EM13483966

Morse 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 2014 are as follows.

Production Data-Basketballs		Units	Percent Complete
Work in process units, July 1		420	60	%
Units started into production		1,370
Work in process units, July 31		590	40	%
Cost Data-Basketballs
Work in process, July 1
Materials	$740
Conversion costs	550	$1,290
Direct materials		2,450
Direct labor		1,987
Manufacturing overhead		1,029

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

		Materials		Conversion Costs
Equivalent Units

(2) 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		$		$

(3) The assignment of costs to units transferred out and in process at the end of the accounting period. (Round answers to 0 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 0 decimal places, e.g. 2,250.)

MORSE COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2014
		Equivalent Units
Quantities	Physical Units	Materials	Conversion Costs
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

Costs		Materials	Conversion Costs	Total
Unit costs
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				$

Reference no: EM13483966

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