The assignment of costs to units transferred out and in

Reference no: EM13586111

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		570	60	%
Units started into production		1,370
Work in process units, July 31		530	40	%
Cost Data-Basketballs
Work in process, July 1
Materials	$750
Conversion costs	610	$1,360
Direct materials		2,447
Direct labor		1,573
Manufacturing overhead		1,348

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		$

Reference no: EM13586111

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