Cost of Production ReportArabica Highland 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. Thefollowing is a partial work in process account of the Roasting Department at July 31:ACCOUNT Work in Process-Roasting DepartmentACCOUNT NO.BalanceDateItemDebitCreditDebitCreditJuly1 Bal., 5,100 units, 1/5 completed12,44431 Direct materials, 204,000 units489,600502,04431 Direct labor98,300600,34431 Factory overhead24,580624,92431 Goods transferred, 205,000 units?31 Bal., ? units, 1/5 completedRequired: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.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 UnitsWholeDirectUnitsMaterials ConversionInventory 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 unitCosts charged to production:DirectTotalMaterials ConversionInventory in process, July 1Costs incurred in JulyTotal costs accounted for by the Roasting DepartmentCost allocated to completed and partially completed units: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 310 00Q00

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Description: Cost of Production ReportArabica Highland 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 Departmen

The equivalent units are calculated on the basis of percentage of work completed during the period.

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Arabica Highland 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. Balance Date Item Debit Credit Debit Credit July 1 Bal., 5,100 units, 1/5 completed 12,444 31 Direct materials, 204,000 units 489,600 502,044 31 Direct labor 98,300 600,344 31 Factory overhead 24,580 624,924 31 Goods transferred, 205,000 units 31 Bal., 2 units, 1/5 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. Arabica Highland Coffee Company Cost of Production Report-Roasting Department For the Month Ended July 31

Arabica Highland 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. Balance Date Item Debit Credit Debit Credit July 1 Bal., 5,100 units, 1/5 completed 12,444 31 Direct materials, 204,000 units 489,600 502,044 31 Direct labor 98,300 600,344 31 Factory overhead 24,580 624,924 31 Goods transferred, 205,000 units 31 Bal., 2 units, 1/5 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. Arabica Highland Coffee Company Cost of Production Report-Roasting Department For the Month Ended July 31

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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