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.
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Production Data-Basketballs
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Units
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Percent
Complete
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Work in process units, July 1
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570
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60
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%
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Units started into production
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1,370
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Work in process units, July 31
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530
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40
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%
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Cost Data-Basketballs
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Work in process, July 1
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Materials
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$750
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Conversion costs
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610
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$1,360
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Direct materials
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2,447
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Direct labor
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1,573
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Manufacturing overhead
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1,348
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Calculate the following:
(1) The equivalent units of production for materials and conversion costs.
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Materials
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Conversion Costs
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Equivalent Units
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(2) The unit costs of production for materials and conversion costs. (Round unit costs to 3 decimal places, e.g. 2.257.)
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Materials
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Conversion Costs
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Cost per unit
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$
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$
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(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.)
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Costs accounted for:
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Transferred out
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$
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Work in process, July 31
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Materials
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$
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Conversion costs
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Total costs
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$
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