Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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., 15,200 units, 60% completed 49,552
31 Direct materials, 263,000 units 486,550 536,102
31 Direct labor 263,309 799,411
31 Factory overhead 378,909 1,178,320
31 Goods transferred, 265,200 units ? ?
31 Bal., ? units, 20% 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 $?

A "?" is where I need answers.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions