Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cost of Production Report The debits to Work in ProcessRoasting Department for St. Arbucks Coffee Company for July 2016, together with information concerning production, are

Cost of Production Report

The debits to Work in ProcessRoasting Department for St. Arbucks Coffee Company for July 2016, together with information concerning production, are as follows:

Work in process, July 1, 1,100 pounds, 20% completed $5,456*
*Direct materials (1,100 X $4.6) $5,060
Conversion (1,100 X 20% X $1.8) $396
$5,456
Coffee beans added during July, 34,000 pounds 154,700
Conversion costs during July 63,878
Work in process, July 31, 1,800 pounds, 30% completed ?
Goods finished during July, 33,300 pounds ?

All direct materials are placed in process at the beginning of production.

a. Prepare a cost of production report, presenting the following computations:

  1. Direct materials and conversion equivalent units of production for July.
  2. Direct materials and conversion costs per equivalent unit for July.
  3. Cost of goods finished during July.
  4. Cost of work in process at July 31, 2016.

If an amount is zero, enter in "0". For the cost per equivalent unit, round your answer to two decimal places.

St. Arbucks Coffee Company
Cost of Production Report-Roasting Department
For the Month Ended July 31, 2016
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:
Equivalent Units
Whole Units Direct Materials (1) Conversion (1)
Inventory in process, July 1
Started and completed in July
Transferred to finished goods in July
Inventory in process, July 31
Total units to be assigned costs
Cost Information
Costs per equivalent unit:
Direct Materials Conversion
Total costs for July in Roasting Department $ $
Total equivalent units
Cost per equivalent unit (2) $ $
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 $
Cost 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 finished goods in July (3) $
Inventory in process, July 31 (4)
Total costs assigned by the Roasting Department $

Feedback

b. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (June). 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 $

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

Principles Of Knowledge Auditing Foundations For Knowledge Management Implementation

Authors: Patrick Lambe

1st Edition

0262545039, 978-0262545037

More Books

Students also viewed these Accounting questions

Question

List the four steps in the model for giving praise.

Answered: 1 week ago

Question

List the criteria for setting objectives.

Answered: 1 week ago

Question

Describe four content motivation theories.

Answered: 1 week ago