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October 1, 2014

Homework Help: ACCOUnting

Posted by BILLY on Monday, November 14, 2011 at 1:20pm.

Chen 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 2010 are as follows.
Production Data-Basketballs Units Percent
Complete
Work in process units, July 1 590 60%
Units started into production 1,060
Work in process units, July 31 750 40%

Cost Data - Basketballs
Work in process, July 1
Materials $757
Conversion costs 548
$1,305
Direct materials 2,873
Direct labor 1,727
Manufacturing overhead 1,325






Calculate the following. (Round cost per unit to 2 decimal places, e.g. 10.50. Round other answers to 0 decimal places, e.g. 125.)
The equivalent units of production for materials and conversion.

Materials
Conversion costs



The unit costs of production for materials and conversion costs.

Unit cost-Materials $
Unit cost-Conversion costs $



The assignment of costs to units transferred out and in process at the end of the period.

Costs accounted for
Transferred out $
Work in process, July 31
Materials $
Conversion costs


Total costs $










Complete the production cost report for the month of July for the basketballs.
CHEN COMPANY
Basketball Department
Production Cost Report
For the Month Ended July 31, 2010

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 $
$


Cost 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

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