ACC 121 Chapter 20 - Cost of Production Report Blank Template 1. Use the average cost method with the folowing data: The increases to Work in Process-Roasting Department for Highlands Coffee Comparny for May as well as information conceming production are as follows: Work in process, May 1, 900 pounds, 20% completed $11,270 Coffee beans added during May, 55,500 pounds 388,810 Conversion costs during May 163,420 Work in process, May 31, 500 pounds, 90% completed Goods finished during May, 55,900 pounds Step 1: Units to be accounted for in Production Whole Units Beginning Work in Process Inventory + Units Started during the Period =Total Units to Account for Step 2: Units to be Assigned Costs 8. Whole Units b. Equivalent Units Completed and Transferred % Complete + Ending Work in Process Inventory % Complete = Units to be Assigned Costs Step 3: Total Manufacturing Costs for the Period Beginning Work in Process + Direct Materials Added + Direct Labor Added + Factory Overhead Added = Total Manufacturing Costs Step 4: Cost per Equivalent Unit Total Manufacturing Costs Equivalent Units =Cost per Equivalent Unit Step 5: Assign Costs Between Completed and Partially Completed Units Completed and Transferred. (Whole Units % Complete) Cost per equivalent unit Equivalent Units * Cost per Equivalent Unit OR + Ending Work in Process (Whole Units % Complete)" Cost per equivalent unit OR Equivalent Units Cost per Ecuivalent Unit Totsl Assigned Costs
ACC 121 Chapter 20 - Cost of Production Report Blank Template 1. Use the average cost method with the folowing data: The increases to Work in Process-Roasting Department for Highlands Coffee Comparny for May as well as information conceming production are as follows: Work in process, May 1, 900 pounds, 20% completed $11,270 Coffee beans added during May, 55,500 pounds 388,810 Conversion costs during May 163,420 Work in process, May 31, 500 pounds, 90% completed Goods finished during May, 55,900 pounds Step 1: Units to be accounted for in Production Whole Units Beginning Work in Process Inventory + Units Started during the Period =Total Units to Account for Step 2: Units to be Assigned Costs 8. Whole Units b. Equivalent Units Completed and Transferred % Complete + Ending Work in Process Inventory % Complete = Units to be Assigned Costs Step 3: Total Manufacturing Costs for the Period Beginning Work in Process + Direct Materials Added + Direct Labor Added + Factory Overhead Added = Total Manufacturing Costs Step 4: Cost per Equivalent Unit Total Manufacturing Costs Equivalent Units =Cost per Equivalent Unit Step 5: Assign Costs Between Completed and Partially Completed Units Completed and Transferred. (Whole Units % Complete) Cost per equivalent unit Equivalent Units * Cost per Equivalent Unit OR + Ending Work in Process (Whole Units % Complete)" Cost per equivalent unit OR Equivalent Units Cost per Ecuivalent Unit Totsl Assigned Costs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:ACC 121
Chapter 20 - Cost of Production Report
Blank Template
1. Use the average cost method with the folowing data:
The increases to Work in Process-Roasting Department for Highlands Coffee Cormpany for May as
well as information conceming production are as follows:
Work in process, May 1, 900 pounds, 20% completed
Coffee beans added during May, 55,500 pounds
Conversion costs during May
Work in process, May 31, 500 pounds, 90% completed
Goods finished during May, 55,900 pounds
$11,270
388,810
163,420
Step 1: Units to be accounted for in Production
Whole Units
Beginning Work in Process Inventory
+ Units Started during the Period
Total Units to Account for
Step 2: Units to be Assigned Costs
9. Whole Units
b. Equivalent Units
Completed and Transferred
% Complete
+ Ending Work in Process Inventory
% Complete
Units to be Assigned Costs
Step 3: Total Manufacturing Costs for the Period
Beginning Work in Process
Direct Materials Added
+ Direct Labor Added
+ Factory Overhead Added
Total Manufacturing Costs
Step 4: Cost per Equivalent Unit
Total Manufacturing Costs
Equivalent Units
= Cost per Equivalent Unit
Step 5: Assign Costs Between Completed and Partially Completed Units
Completed and Transferred.
(Whole Units 6 Complete) * Cost per
equivalent unit
Equivalent Units * Cost per Equivalent Unit
OR
+ Ending Work in Process
(Whole Units% Complete) Cost per
equivalent unit
Equivalent Units Cost per Ecuivalent Unit
OR
= Total Assigned Costs
Pff
Accessibility: Investigate
Expert Solution
Step 1
Units to be accounted for an production :
| Particulars | Amount |
| Beginning Work in Process Inventory | 900 |
| Add: Unit Started during the year | 55500 |
| Total units to account for | 56400 |
Step by step
Solved in 5 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education