Production and Cost Data Assignment
Fong 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 2012 are as follows.
| Production Data—Basketballs | Units | Percent Complete | |||||
| Work in process units, July 1 | 700 | 56 | % | ||||
| Units started into production | 1,070 | ||||||
| Work in process units, July 31 | 500 | 30 | % | ||||
| Cost Data—Basketballs | |||||||
| Work in process, July 1 | |||||||
| Materials | $790 | ||||||
| Conversion costs | 550 | $1,340 | |||||
| Direct materials | 1,865 | ||||||
| Direct labor | 1,320 | ||||||
| Manufacturing overhead | 4,662 | ||||||
Prepare a production cost report for the month of July for the basketballs
FONG COMPANY Basketball Department Production Cost Report For the Month Ended July 31, 2012 Equivalent Units Conversion Materials Costs Physical Units Quantities 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. .
