Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cost of Production Report: Average Cost Method The increases to Work in Process --Roasting Department for Highlands Coffee Company for May as well as information

image text in transcribed
image text in transcribed
image text in transcribed
Cost of Production Report: Average Cost Method The increases to Work in Process --Roasting Department for Highlands Coffee Company for May as well as information concerning production are as follows: Work in process, May 1, 2,300 pounds, 40% completed $17,240 Coffee beans added during May, 141,900 pounds 594,670 Conversion costs during May 249,930 Work in process, May 31, 1,400 pounds, 60% completed Goods finished during May, 142,800 pounds Prepare a cost of production report for May, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent. Highlands Coffee Company Cost of Production Report-Roasting Department For the Month Ended May 31 Unit Information Units charged to production: Inventory in process, May 1 Received from materials storeroom Total units accounted for by the Roasting Department Units to be assigned costs: Units to be assigned costs: Whole Units Equivalent Units of Production Transferred to finished goods in May Inventory in process, May 31 Total units to be assigned costs Cost Information Cost per equivalent unit: Total costs for May in Roasting Department Total equivalent units EDDDDDDDD Cost per equivalent unit Costs assigned to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for by the Roasting Department Costs allocated to completed and partially completed units: Transferred to finished goods in May Inventory in process, May 31 Production Transferred to finished goods in May Inventory in process, May 31 Total units to be assigned costs Cost Information Cost per equivalent unit: Costs Total costs for May in Roasting Department Total equivalent units Cost per equivalent unit 10 000 QUQ QON Costs assigned to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for by the Roasting Department Costs allocated to completed and partially completed units: Transferred to finished goods in May Inventory in process, May 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

Step: 3

blur-text-image

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

Managerial Economics In A Global Economy

Authors: Dominick Salvatore

9th Edition

0190848251, 9780190848255

More Books

Students also viewed these Accounting questions

Question

A service window closes just as they get to the front of the line.

Answered: 1 week ago