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 and 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 Date July Item 1 Bal., 5,400 units, 2/5 completed 31 Direct materials, 243,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 243,000 units 31 Bal., 2 units, 3/5 completed Required: Debit 388,800 78,100 19,532 Credit ? ACCOUNT NO. Debit Balance 9,180 397,980 476,080 495,612 ? Credit 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.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![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
Date
July
Item
1 Bal., 5,400 units, 2/5 completed
31 Direct materials, 243,000 units
31 Direct labor
31 Factory overhead
31 Goods transferred, 243,000 units
31 Bal., ? units, 3/5 completed
Required:
Debit
388,800
78,100
19,532
Credit
?
ACCOUNT NO.
Debit
Balance
9,180
397,980
476,080
495,612
?
Credit
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37b57dc3-6ce2-496a-8c32-489a3dcf3dd7%2Fa4600a8c-7d51-450b-8399-421757b8df7b%2F2548t6e_processed.png&w=3840&q=75)
![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 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
Unit Information
Total units accounted for by the Roasting Department
Units to be assigned costs:
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
Equivalent Units
Whole
Direct
Units Materials Conversion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37b57dc3-6ce2-496a-8c32-489a3dcf3dd7%2Fa4600a8c-7d51-450b-8399-421757b8df7b%2F8zplnfa_processed.png&w=3840&q=75)
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