DirectTotalMaterials ConversionInventory in process, July 1Costs incurred in JulyTotal costs accounted for by the RoastingDepartmentCost allocated to completed and partially completedunits:Inventory in process, July 1 balanceTo complete inventory in process, July 1Cost of completed July 1 work in processStarted and completed in JulyTransferred to Packing Department in JulyInventory in process, July 31Total costs assigned by the Roasting Department Arabica Highland Coffee Company roasts and packs coffeebeans. The process begins by placing coffee beans into theRoasting Department. From the Roasting Department, coffeebeans are then transferred to the Packing Department. Thefollowing is a partial work in process account of the RoastingDepartment at July 31:ACCOUNT Work in Process-RoastingACCOUNT No.DepartmentBalanceDateItemDebitCreditDebitCreditJuly1 Bal., 7,800 units, 1/5 completed11,70031 Direct materials, 312,000 units468,000479,70031 Direct labor101,000580,70031 Factory overhead25,208605,90831 Goods transferred, 313,000 units31 Bal., ? units, 3/5 completedRequired:1. Prepare a cost of production report, and identify themissing amounts for Work in Process-Roasting Department. Ifan amount is zero, enter "0". When computing cost perequivalent units, round to two decimal places.Arabica Highland Coffee CompanyCost of Production Report-Roasting DepartmentFor the Month Ended July 31Unit InformationUnits charged to production:Inventory in process, July 1Received from materials storeroomTotal units accounted for by the Roasting DepartmentUnits to be assigned costs:Equivalent UnitsDirectMaterials ConversionWholeUnitsInventory in process, July 1Started and completed in JulyTransferred to Packing Department in JulyInventory in process, July 31Total units to be assigned costsCost InformationCosts per equivalent unit:DirectMaterials ConversionTotal costs for July in Roasting DepartmentTotal equivalent unitsCost per equivalent unit$4Costs charged to production:

In process costing cost will be allocated on the basis of equivalent units. We need to find out the…

Answered: Arabica Highland Coffee Company roasts…

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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Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans 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. Date Item Debit Credit Balance Debit Credit July 1 Bal., 5,400 units, 1/5 completed 11,448 31 Direct materials, 243,000 units 510,300 521,748 31 Direct labor 97,600 619,348 31 Factory overhead 24,440 643,788 31 Goods transferred, 243,000 units ? 31 Bal., ? units, 2/5 completed ? Required: Question Content Area 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 two decimal places. Hana Coffee…
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans 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. Date Item Debit Credit Balance Debit Credit July 1 Bal., 7,600 units, 1/5 completed 12,920 31 Direct materials, 342,000 units 581,400 594,320 31 Direct labor 111,000 705,320 31 Factory overhead 27,704 733,024 31 Goods transferred, 343,000 units ? 31 Bal., ? units, 4/5 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 two decimal places. Hana Coffee…
White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process—Sifting Department was as follows on July 1:Work in Process—Sifting Department (900 units, 3/5 completed) on July 1Cost Source Dollar AmountDirect Materials (900 x $3.15) $2,835Conversion (900 x 3/5 x $0.30) 162Total Materials and Conversion 2,997The following costs were charged to Work in Process—Sifting Department during July:Work in Process—Sifting DepartmentCost Source Dollar AmountDirect materials transferred from Milling Department: 15,700 units at $2.30 a unit $36,110Direct Labor 5,420Factory Overhead 2,384During July, 15,500 units of flour were completed. Work in Process—Sifting Department on July 31 was 1,100 units, 4/5 completed.Instructionsa. Prepare a cost…
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Unit Information with BWIP, FIFO Method Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows: Production: Units in process, July 1, 70% complete* 10,100 Units completed and transferred out 90,000 Units in process, July 31, 80% complete* 15,000 * With respect to conversion costs. Required: Question Content Area 1. Prepare a physical flow schedule for July. Jackson ProductsPhysical Flow ScheduleFor the Month of July Units to account for: Units, beginning work is process (70% complete) Units started during July Total units to account for fill in the blank 2bb1ebfa004eff9_5 Units accounted for: Units completed and transferred out: Started and completed From beginning work in process From beginning work in…
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
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Lui Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at March 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit March 1 Bal., 25,000 units, 10% completed 21,250 31 Direct materials, 600,000 units 31 Direct labor 450,000 471,250 31 Factory overhead 244,600 415,820 715,850 1,131,670 31 Goods transferred, 605,000 units 31 Bal., ? 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. Lui Coffee Company Cost of Production Report-Roasting Department Units Units charged to production: For the Month Ended…
Arabica Highland Coffee Company roasts and packs coffee beans. The process by placing coffee beands into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Dpeartment at July 31. Date Item Debit Credit Account No. Balance Debit Account No. Balance Credit July 1 Bal., 30,000 units, 10% completed 121,800 July 31 Direct materials, 155,000 units 620,000 741,800 July 31 Direct Labor 90,000 831,800 July 31 Factory overhead 33,272 865,072 July 31 Goods transferred, 149,000 units ? July 31 Bal., (?) units, 45% completed ?
s

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