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Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of...

Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows.


Production Data—Bicycles


Units

Percentage
Complete

Work in process units, March 1 210 80 %
Units started into production 1,270
Work in process units, March 31 300 40 %


Cost Data—Bicycles

Work in process units, March 1 $ 19,290
Direct materials 50,400
Direct labor 26,300
Manufacturing overhead 29,700


Production Data—Tricycles


Units

Percentage
Complete

Work in process units, March 1 120 75 %
Units started into production 990
Work in process units, March 31 60 25 %


Cost Data—Tricycles

Work in process units, March 1 $ 6,300
Direct materials 30,300
Direct labor 14,500
Manufacturing overhead 19,700

Calculate the equivalent units of production for materials and conversion costs for both the bicycles and the tricycles. (Round answers to 0 decimal places, e.g. 2,520.)

Materials

Conversion Costs

Equivalent Units of bicycles
Equivalent Units of tricycles

Calculate the unit costs of production for materials and conversion costs for both the bicycles and the tricycles. (Round unit costs to 3 decimal places, e.g. 25.215.)

Materials

Conversion Costs

Unit costs of bicycles
Unit costs of tricycles

Calculate the assignment of costs to units transferred out and in process at the end of the accounting period for both the bicycles and the tricycles. (Round answers to 0 decimal places, e.g. 2,520.)

Bicycles

Costs accounted for:

   Transferred out

$

   Work in process, March 1

      Materials

$

      Conversion costs

   Total costs

$

Tricycles

Costs accounted for:

   Transferred out

$

   Work in process, March 1

      Materials

$

      Conversion costs

   Total costs

$

Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, e.g. 25.123 and all other answers to 0 decimal places, e.g. 2,520.)

OWEN COMPANY
Production Cost Report—Bicycles
For the Month Ended March 31

Equivalent Units

Quantities

Physical
Units


Materials

Conversion
Costs

Units to be accounted for

   Work in process, March 1

   Started into production

Total units

Units accounted for

   Completed and transferred out

      Work in process, March 1

      Started and completed

   Work in process, March 31

Total units

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