Cost of Production Report: Average Cost Method

The increases to Work in Process$$Roasting Department for Boston Coffee Company for March $2016$ as well as information concerning production are as follows:

Work in process, March $1,1,200$ pounds, $20\%$ completed

Coffee beans added during March, $74,000$ pounds

Conversion costs during March

$$17,990$

$620,920$

$260,970$

Work in process, March $31,700$ pounds, $70\%$ completed

Goods finished during March, $74,500$ pounds

Prepare a cost of production report, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent.

Boston Coffee Company

Cost of Production Report$-$Roasting Department

For the Month Ended March $31,2016$ Total units accounted for by the Roasting Department

Units to be assigned costs:

Transferred to finished goods in

March

Inventory in process, March $31$

Total units to be assigned costs

Whole Units

Equivalent Units of

Production

Cost Information

Costs per equivalent unit:

Total costs for March in Roasting Department

Total equivalent units

Cost per equivalent unit

Costs assigned to production:

Inventory in process, March $1$

Costs incurred in March

Total costs accounted for by the Roasting Department

Costs allocated to completed and partially completed units:

Transferred to finished goods in March

Inventory in process, March $31$

Total costs assigned by the Roasting Department

Costs

$=9$

$q$

$9_{{?}^{?}}(9)$

qCost of Production Report: Average Cost Method

The increases to Work in Process$$Roasting Department for Boston Coffee Company for March $2016$ as well as information concerning production are as follows:

Work in process, March $1,1,200$ pounds, $20\%$ completed

Coffee beans added during March, $74,000$ pounds

Conversion costs during March

$$17,990$

$620,920$

$260,970$

Work in process, March $31,700$ pounds, $70\%$ completed

Goods finished during March, $74,500$ pounds

Prepare a cost of production report, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent.

Boston Coffee Company

Cost of Production Report$-$Roasting Department

For the Month Ended March $31,2016$Total units accounted for by the Roasting Department

Units to be assigned costs:

Transferred to finished goods in

March

Inventory in process, March $31$

Total units to be assigned costs

Whole Units

Equivalent Units of

Production

Cost Information

Costs per equivalent unit:

Total costs for March in Roasting Department

Total equivalent units

Cost per equivalent unit

Costs assigned to production:

Inventory in process, March $1$

Costs incurred in March

Total costs accounted for by the Roasting Department

Costs allocated to completed and partially completed units:

Transferred to finished goods in March

Inventory in process, March $31$

Total costs assigned by the Roasting Department