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The Cutting Department of Cassel Company has the following production and cost data for July.
| Production | | Costs |
| 1. | | Transferred out 13,300 units. | | Beginning work in process | | $0 |
| 2. | | Started 4,900 units that are 60% | | Materials | | 62,790 |
| | | complete as to conversion | | Labor | | 26,296 |
| | | costs and 100% complete as | | Manufacturing overhead | | 20,800 |
| | | to materials at July 31. | | | | |
Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
Determine the equivalent units of production for (1) materials and (2) conversion costs.
| | | Materials | | Conversion Costs |
| Total equivalent units of production | | enter a number of units | | enter a number of units |
Compute unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.)
| Materials | | $enter a dollar amount rounded to 2 decimal places |
| Conversion costs | | $enter a dollar amount rounded to 2 decimal places |
Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 1,225.)
| Cost Reconciliation | | | |
| Costs accounted for | | | |
| Transferred out | | | $enter a dollar amount |
| Work in process, July 31 | | | |
| Materials | $enter a dollar amount | | |
| Conversion costs | enter a dollar amount | | enter a total of the two previous amounts |
| Total costs | | | $enter a total amount for this cost reconciliation schedule rounded to 0 decimal places |
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