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., 7,400 units, 4/5 completed 23,236 31 Direct materials, 333,000 units 865,800 889,036 31 Direct labor 185,200 1,074,236 31 Factory overhead 46,248 1,120,484 31 Goods transferred, 334,000 units ? 31 Bal., ? units, 2/5 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 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 327527059fb8045_1 Received from materials storeroom fill in the blank 327527059fb8045_2 Total units accounted for by the Roasting Department fill in the blank 327527059fb8045_3 Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, July 1 fill in the blank 327527059fb8045_4 fill in the blank 327527059fb8045_5 fill in the blank 327527059fb8045_6 Started and completed in July fill in the blank 327527059fb8045_7 fill in the blank 327527059fb8045_8 fill in the blank 327527059fb8045_9 Transferred to Packing Department in July fill in the blank 327527059fb8045_10 fill in the blank 327527059fb8045_11 fill in the blank 327527059fb8045_12 Inventory in process, July 31 fill in the blank 327527059fb8045_13 fill in the blank 327527059fb8045_14 fill in the blank 327527059fb8045_15 Total units to be assigned costs fill in the blank 327527059fb8045_16 fill in the blank 327527059fb8045_17 fill in the blank 327527059fb8045_18 Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for July in Roasting Department $fill in the blank 327527059fb8045_19 $fill in the blank 327527059fb8045_20 Total equivalent units fill in the blank 327527059fb8045_21 fill in the blank 327527059fb8045_22 Cost per equivalent unit $fill in the blank 327527059fb8045_23 $fill in the blank 327527059fb8045_24 Costs assigned to production: Direct Materials Conversion Total Inventory in process, July 1 $fill in the blank 327527059fb8045_25 Costs incurred in July fill in the blank 327527059fb8045_26 Total costs accounted for by the Roasting Department $fill in the blank 327527059fb8045_27 Costs allocated to completed and partially completed units: Inventory in process, July 1 balance $fill in the blank 327527059fb8045_28 To complete inventory in process, July 1 $fill in the blank 327527059fb8045_29 $fill in the blank 327527059fb8045_30 fill in the blank 327527059fb8045_31 Cost of completed July 1 work in process $fill in the blank 327527059fb8045_32 Started and completed in July fill in the blank 327527059fb8045_33 fill in the blank 327527059fb8045_34 fill in the blank 327527059fb8045_35 Transferred to Molding Department in July $fill in the blank 327527059fb8045_36 Inventory in process, July 31 fill in the blank 327527059fb8045_37 fill in the blank 327527059fb8045_38 fill in the blank 327527059fb8045_39 Total costs assigned by the Roasting Department $fill in the blank 327527059fb8045_40 2. Assuming that the July 1 work in process inventory includes $18,500 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent. Increase or Decrease Amount Change in direct materials cost per equivalent unit $fill in the blank 22da4c022ffef97_2 Change in conversion cost per equivalent unit $fill in the blank 22da4c022ffef97_4

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., 7,400 units, 4/5 completed 23,236 31 Direct materials, 333,000 units 865,800 889,036 31 Direct labor 185,200 1,074,236 31 Factory overhead 46,248 1,120,484 31 Goods transferred, 334,000 units ? 31 Bal., ? units, 2/5 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 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 327527059fb8045_1 Received from materials storeroom fill in the blank 327527059fb8045_2 Total units accounted for by the Roasting Department fill in the blank 327527059fb8045_3 Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, July 1 fill in the blank 327527059fb8045_4 fill in the blank 327527059fb8045_5 fill in the blank 327527059fb8045_6 Started and completed in July fill in the blank 327527059fb8045_7 fill in the blank 327527059fb8045_8 fill in the blank 327527059fb8045_9 Transferred to Packing Department in July fill in the blank 327527059fb8045_10 fill in the blank 327527059fb8045_11 fill in the blank 327527059fb8045_12 Inventory in process, July 31 fill in the blank 327527059fb8045_13 fill in the blank 327527059fb8045_14 fill in the blank 327527059fb8045_15 Total units to be assigned costs fill in the blank 327527059fb8045_16 fill in the blank 327527059fb8045_17 fill in the blank 327527059fb8045_18 Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for July in Roasting Department $fill in the blank 327527059fb8045_19 $fill in the blank 327527059fb8045_20 Total equivalent units fill in the blank 327527059fb8045_21 fill in the blank 327527059fb8045_22 Cost per equivalent unit $fill in the blank 327527059fb8045_23 $fill in the blank 327527059fb8045_24 Costs assigned to production: Direct Materials Conversion Total Inventory in process, July 1 $fill in the blank 327527059fb8045_25 Costs incurred in July fill in the blank 327527059fb8045_26 Total costs accounted for by the Roasting Department $fill in the blank 327527059fb8045_27 Costs allocated to completed and partially completed units: Inventory in process, July 1 balance $fill in the blank 327527059fb8045_28 To complete inventory in process, July 1 $fill in the blank 327527059fb8045_29 $fill in the blank 327527059fb8045_30 fill in the blank 327527059fb8045_31 Cost of completed July 1 work in process $fill in the blank 327527059fb8045_32 Started and completed in July fill in the blank 327527059fb8045_33 fill in the blank 327527059fb8045_34 fill in the blank 327527059fb8045_35 Transferred to Molding Department in July $fill in the blank 327527059fb8045_36 Inventory in process, July 31 fill in the blank 327527059fb8045_37 fill in the blank 327527059fb8045_38 fill in the blank 327527059fb8045_39 Total costs assigned by the Roasting Department $fill in the blank 327527059fb8045_40 2. Assuming that the July 1 work in process inventory includes $18,500 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent. Increase or Decrease Amount Change in direct materials cost per equivalent unit $fill in the blank 22da4c022ffef97_2 Change in conversion cost per equivalent unit $fill in the blank 22da4c022ffef97_4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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., 7,400 units, 4/5 completed			23,236
	31	Direct materials, 333,000 units	865,800			889,036
	31	Direct labor	185,200			1,074,236
	31	Factory overhead	46,248			1,120,484
	31	Goods transferred, 334,000 units		?
	31	Bal., ? units, 2/5 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 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 327527059fb8045_1
Received from materials storeroom	fill in the blank 327527059fb8045_2
Total units accounted for by the Roasting Department	fill in the blank 327527059fb8045_3
Units to be assigned costs:
		Equivalent Units
	Whole Units	Direct Materials	Conversion
Inventory in process, July 1	fill in the blank 327527059fb8045_4	fill in the blank 327527059fb8045_5	fill in the blank 327527059fb8045_6
Started and completed in July	fill in the blank 327527059fb8045_7	fill in the blank 327527059fb8045_8	fill in the blank 327527059fb8045_9
Transferred to Packing Department in July	fill in the blank 327527059fb8045_10	fill in the blank 327527059fb8045_11	fill in the blank 327527059fb8045_12
Inventory in process, July 31	fill in the blank 327527059fb8045_13	fill in the blank 327527059fb8045_14	fill in the blank 327527059fb8045_15
Total units to be assigned costs	fill in the blank 327527059fb8045_16	fill in the blank 327527059fb8045_17	fill in the blank 327527059fb8045_18
Cost Information
Cost per equivalent unit:
	Direct Materials	Conversion
Total costs for July in Roasting Department	$fill in the blank 327527059fb8045_19	$fill in the blank 327527059fb8045_20
Total equivalent units	fill in the blank 327527059fb8045_21	fill in the blank 327527059fb8045_22
Cost per equivalent unit	$fill in the blank 327527059fb8045_23	$fill in the blank 327527059fb8045_24
Costs assigned to production:
	Direct Materials	Conversion	Total
Inventory in process, July 1			$fill in the blank 327527059fb8045_25
Costs incurred in July			fill in the blank 327527059fb8045_26
Total costs accounted for by the Roasting Department			$fill in the blank 327527059fb8045_27
Costs allocated to completed and partially completed units:
Inventory in process, July 1 balance			$fill in the blank 327527059fb8045_28
To complete inventory in process, July 1	$fill in the blank 327527059fb8045_29	$fill in the blank 327527059fb8045_30	fill in the blank 327527059fb8045_31
Cost of completed July 1 work in process			$fill in the blank 327527059fb8045_32
Started and completed in July	fill in the blank 327527059fb8045_33	fill in the blank 327527059fb8045_34	fill in the blank 327527059fb8045_35
Transferred to Molding Department in July			$fill in the blank 327527059fb8045_36
Inventory in process, July 31	fill in the blank 327527059fb8045_37	fill in the blank 327527059fb8045_38	fill in the blank 327527059fb8045_39
Total costs assigned by the Roasting Department			$fill in the blank 327527059fb8045_40

2. Assuming that the July 1 work in process inventory includes $18,500 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent.

	Increase or Decrease	Amount
Change in direct materials cost per equivalent unit		$fill in the blank 22da4c022ffef97_2
Change in conversion cost per equivalent unit		$fill in the blank 22da4c022ffef97_4

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