Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cost of Production Report: Average Cost Method Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting

image text in transcribed
image text in transcribed
Cost of Production Report: Average Cost Method Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is partial work in process account of the Roasting Department at December 31: ACCOUNT Work in Process-Hosting Department ACCOUNT NO. Balance Date Item Debit Credit - Debit Credit Dec. 1 Bal, 14,30 , 30% completed 31 Direct materials, 247.400 units 31 Direct labor 457,960 415,632 237,423 41.657 1,037,040 31 Factory overhead 31 Goods transferred, 249,500 units 31 Bal units, completed Required: Prepare a cost of production report, places the average cost method, and dentify the missing amounts for ork in Process i ng Department if required, round your cost per e vent unt er to two decimal Sunrise Coffee Company Cost of Production Report-Roasting Department For the Month December 31 Unit Information Units charged to production Inventory in proces December Received from materials toreroom Total units accounted for by the Roasting Department Units to be red costs Units charged to production: Inventory in process, December 1 Received from materials storeroom Total units accounted for by the Roasting Department Units to be assigned costs: Whole Units Equivalent Units of Production Transferred to Packing Department in December Inventory in process, December 31 Total units to be assigned costs Cost Information Cost per equivalent unit: Costs Total costs for December in Roasting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Inventory in process, December 1 Costs incurred in December Total costs accounted for by the Roasting Department Costs allocated to completed and pertially completed units: Transferred to Packing Department in December Inventory in process, December 31 Total costs assigned by the Roasting Department

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Study Guide To Accompany Financial Accounting In An Economic Context

Authors: Jamie Pratt

6th Edition

0471731110, 978-0471731115

More Books

Students also viewed these Accounting questions

Question

What is meant by Nonverbal communication is rule governed?

Answered: 1 week ago

Question

Describe the new structures for the HRM function. page 676

Answered: 1 week ago