Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ost of Production Report ana 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
ost of Production Report ana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee cans 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 Process-Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 121,800 July 1 Bal., 30,000 units, 10% completed 31 Direct materials, 155,000 units 620,000 741,800 31 Direct labor 90,000 831,800 33,272 865,072 31 Factory overhead 31 Goods transferred, 149,000 units 31 Bal., 2 units, 45% 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 "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 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 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: Total costs for July in Roasting Department Total equivalent units Cost per equivalent unit Costs assigned to uti: 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 Packing 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 $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 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

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

Recommended Textbook for

Computerized Accounting Using QuickBooks Pro 2020

Authors: Alvin A. Arens, D. Dewey Ward, Carol J. Borsum

6th Edition

0912503793, 9780912503790

More Books

Students also viewed these Accounting questions

Question

Who do you usually turn to for help when facing a problem?

Answered: 1 week ago

Question

What problem(s) does this public have related to this issue?

Answered: 1 week ago

Question

Who is your key public?

Answered: 1 week ago