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Cost of Production Report: Weighted average method Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting

  1. Cost of Production Report: Weighted average method

    Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at December 31:

    ACCOUNT Work in Process-Roasting Department ACCOUNT NO.
    Date Item Debit Credit Balance
    Debit Credit
    Dec. 1 Bal., 19,700 units, 80% completed 90,423
    31 Direct materials, 340,800 units 886,080 976,503
    31 Direct labor 486,309 1,462,812
    31 Factory overhead 699,810 2,162,622
    31 Goods transferred, 343,800 units ? ?
    31 Bal., ? units, 30% completed ?

    Required:

    Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in ProcessRoasting Department. Assume that direct materials are placed in process during production. If required, round your cost per equivalent unit answer to two decimal places.

    Sunrise Coffee Company
    Cost of Production Report-Roasting Department
    For the Month Ended December 31
    Unit Information
    Units charged to production:
    Inventory in process, December 1
    Received from materials storeroom
    Total units accounted for by the Roasting Department
    Units to be assigned costs:
    Whole Units Equivalent Units of Production
    Transferred to Packing Department in December
    Inventory in process, December 31
    Total units to be assigned costs
    Cost Information
    Cost per equivalent unit:
    Costs
    Total costs for December in Roasting Department $
    Total equivalent units
    Cost per equivalent unit $
    Costs assigned to production:
    Inventory in process, December 1 $
    Costs incurred in December
    Total costs accounted for by the Roasting Department $
    Costs allocated to completed and partially completed units:
    Transferred to Packing Department in December $
    Inventory in process, December 31
    Total costs assigned by the Roasting Department $

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