Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
Cost of Production Report Hann 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 wy 311 ACCOUNT Work in Process Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit July 1 Bal, 5,000 units, 1/5 completed 15,400 31 Direct materials, 225,000 units 675,000 690,400 31 Direct labor 144,600 835,000 31 Factory overhead 36,200 871,200 31 Goods transferred, 225,000 units 7 31 Bal., 2 units, 2/5 completed Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in Process - Roasting Department. If an amount is zero, enter "o", non computing cost per equivalent units, round to two decimal places Hana Coffee Company Cost of Production Report-Roasting Department For the Month Ended July 31 Unit Information Units charged to production: Inventory in process, July 1 Received from materials storeroom Thales router for the Racing Sant Check My Work Unit Information Units charged to production: Inventory in process, July 1 Received from materials storeroom Total units accounted for by the Roasting Department Units to be assigned costs: Whole Units Equivalent Units Direct Materials Conversion Inventory in process, July 1 Started and completed in July Transferred to Packing Department in July Inventory in process, July 31 Total units to be assigned costs Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for July in Roasting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Direct Materials Conversion Total Inventory in process, July 1 Check My Work Save and Sub Assignment for Grading All work saved C Coat of Production Report Hana Coffee Company. Chegu.com + Google eBook Total equivalent units Cost per equivalent unit Costs assigned to production: Direct Materials Conversion Total Inventory in process, July 1 Costs incurred in July Total costs accounted for by the Roasting Department Costs allocated to completed and partially completed units: Inventory in process, July 1 balance To complete inventory in process, July 1 Cost of completed July 1 work in process Started and completed in July Transferred to Molding Department in July Inventory in process, July 31 Total costs assigned by the Roasting Department 2. Assuming that the July 1 work in process inventory includes $14,500 of direct materials, determine the increase or decrease in the cost per sgulvalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent Increase or Decrease Amount Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit Previous Neart Check My Work Sanduk Submit Assignment for Grading

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

Students also viewed these Accounting questions