Answered: ACCOUNT Work in Process—Roasting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

ACCOUNT Work in Process—Roasting Department	ACCOUNT NO.
Date	Item	Debit	Credit	Balance
Debit	Credit
July	1	Bal., 5,100 units, 80% completed			17,034
	31	Direct materials, 204,000 units	571,200			588,234
	31	Direct labor	113,000			701,234
	31	Factory overhead	28,218			729,452
	31	Goods transferred, 205,000 units		?
	31	Bal., ? units, 20% completed			?

Required:

1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount box does not require an entry, leave it blank. When computing cost per equivalent units, round to two decimal places.

Mochaccino Express Coffee Company
Cost of Production Report-Roasting Department
For the Month Ended July 31
Unit Information
Units charged to production:
Inventory in process, July 1	fill in the blank f90722098f8cf9f_1
Received from materials storeroom	fill in the blank f90722098f8cf9f_2
Total units accounted for by the Roasting Department	fill in the blank f90722098f8cf9f_3