Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the

Cost of Production Report
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
ACCOUNT Work in ProcessRoasting Department ACCOUNT NO.
Date Item Debit Credit Balance
Debit Credit
July 1 Bal., 30,000 units, 10% completed 121,800
31 Direct materials, 155,000 units 620,000741,800
31 Direct labor 90,000831,800
31 Factory overhead 33,272865,072
31 Goods transferred, 149,000 units ?
31 Bal., ? units, 45% completed ?
Required:
Question Content Area
1. Prepare a cost of production report, and identify the missing amounts for Work in ProcessRoasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to the nearest cent.
Hana Coffee Company
Cost of Production Report-Roasting Department
For the Month Ended July 31
Unit Information
Units charged to production:Number of Units
Inventory in process, July 1 fill in the blank 09a732035ff0054_1
30,000
Received from materials storeroom fill in the blank 09a732035ff0054_2
155,000
Total units accounted for by the Roasting Department fill in the blank 09a732035ff0054_3
185,000
Units to be assigned costs: Equivalent Units
Whole Units Direct Materials Conversion
Inventory in process, July 1 fill in the blank 09a732035ff0054_4
30,000
fill in the blank 09a732035ff0054_5
0
fill in the blank 09a732035ff0054_6
27,000
Started and completed in July fill in the blank 09a732035ff0054_7
119,000
fill in the blank 09a732035ff0054_8
119,000
fill in the blank 09a732035ff0054_9
119,000
Transferred to Packing Department in July fill in the blank 09a732035ff0054_10
149,000
fill in the blank 09a732035ff0054_11
119,000
fill in the blank 09a732035ff0054_12
146,000
Inventory in process, July 31 fill in the blank 09a732035ff0054_13
36,000
fill in the blank 09a732035ff0054_14
36,000
fill in the blank 09a732035ff0054_15
16,200
Total units to be assigned costs fill in the blank 09a732035ff0054_16
185,000
fill in the blank 09a732035ff0054_17
155,000
fill in the blank 09a732035ff0054_18
162,200
Cost Information
Cost per equivalent unit: Direct Materials Conversion
Total costs for July in Roasting Department $fill in the blank 09a732035ff0054_19
620,000
$fill in the blank 09a732035ff0054_20
123,272
Total equivalent units fill in the blank 09a732035ff0054_21
155,000
fill in the blank 09a732035ff0054_22
162,200
Cost per equivalent unit $fill in the blank 09a732035ff0054_23
4
$fill in the blank 09a732035ff0054_24
0.76
Costs assigned to production:
Direct Materials Conversion Total
Inventory in process, July 1 $fill in the blank 09a732035ff0054_25
121,800
Costs incurred in July fill in the blank 09a732035ff0054_26
743,272
Total costs accounted for by the Roasting Department $fill in the blank 09a732035ff0054_27
865,072
Costs allocated to completed and partially completed units:
Inventory in process, July 1 balance $fill in the blank 09a732035ff0054_28
121,800
To complete inventory in process, July 1 $fill in the blank 09a732035ff0054_29
0
$fill in the blank 09a732035ff0054_30
20,520
fill in the blank 09a732035ff0054_31
20,520
Cost of completed July 1 work in process $fill in the blank 09a732035ff0054_32
142,320
Started and completed in July fill in the blank 09a732035ff0054_33
fill in the blank 09a732035ff0054_34
fill in the blank 09a732035ff0054_35
566,440
Transferred to Packing Department in July $fill in the blank 09a732035ff0054_36
708,760
Inventory in process, July 31 fill in the blank 09a732035ff0054_37
144,000
fill in the blank 09a732035ff0054_38
12,312
fill in the blank 09a732035ff0054_39
156,312
Total costs assigned by the Roasting Department $fill in the blank 09a732035ff0054_40
865,072
Feedback Area
Feedback
1. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory.
Question Content Area
2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your answers to two decimal places.
Increase or Decrease Amount
Change in direct materials cost per equivalent unit
Increase
$fill in the blank 99359501706307a_2
Change in conversion cost per equivalent unit
Decrease
$fill in the blank 99359501706307a_4.(I only need help with last two questions)
image text in transcribed

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

Hospitality Financial Accounting

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.

2nd Edition

9780470598092, 470083603, 978-0470083604

More Books

Students also viewed these Accounting questions