Cost of Production Report 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 Date Item March 1 Bal., 5,700 units, 2/5 completed 31 Direct materials, 256,500 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 257,000 units 31 Bal., 2 units, 3/5 completed Units Units charged to production: Inventory in process, March 11 Received from materials storeroom Total units accounted for by the Roasting i Department Units to be assigned costs: Inventory in process, March 1 Started and completed in March Debit Credit Transferred to Packing Department in March. Inventory in process, March 31 Total units to be assigned costs 846,450 165,000 41,272 ? 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 For the Month Ended March 31 ACCOUNT NO. Balance Balance Debit Credit 20,292 866,742 1,031,742 1,073,014 Whole Units 5,700✔ 000 5,700 257,000 ✔ Equivalent Units Direct Materials Equivalent Units Conversion
Cost of Production Report 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 Date Item March 1 Bal., 5,700 units, 2/5 completed 31 Direct materials, 256,500 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 257,000 units 31 Bal., 2 units, 3/5 completed Units Units charged to production: Inventory in process, March 11 Received from materials storeroom Total units accounted for by the Roasting i Department Units to be assigned costs: Inventory in process, March 1 Started and completed in March Debit Credit Transferred to Packing Department in March. Inventory in process, March 31 Total units to be assigned costs 846,450 165,000 41,272 ? 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 For the Month Ended March 31 ACCOUNT NO. Balance Balance Debit Credit 20,292 866,742 1,031,742 1,073,014 Whole Units 5,700✔ 000 5,700 257,000 ✔ Equivalent Units Direct Materials Equivalent Units Conversion
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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.
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Transcribed Image Text:Costs
Cost per equivalent unit:
Total costs for March in Roasting Department
Total equivalent units
Cost per equivalent unit
Costs assigned to production:
Inventory in process, March 1
Costs incurred in March,
Total costs accounted for by the Roasting Department
Costs allocated to completed and partially completed units: -
Inventory in process, March 1 balance
Change in direct materials cost per equivalent unit
Change in conversion cost per equivalent unit.
Costs
Direct Materials
TSTAA
Decrease
Conversion
HARACATIO
100
|||
000
Total
Amount
To complete inventory in process, March 11
Cost of completed March 1 work in process
Started and completed in March
Transferred to finished goods in March
Inventory in process, March 31
Total costs assigned by the Roasting Department
2. Assuming that the March 1 work in process inventory includes $18,240 of direct materials, determine the increase or decrease in the cost per
equivalent unit for direct materials and conversion between February and March. If required, round your answers to two decimal places.
Increase or Decrease
Increase ✓
MAURICH
AU
Transcribed Image Text:Cost of Production Report
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
Date Item
March 1 Bal., 5,700 units, 2/5 completed
31 Direct materials, 256,500 units
31 Direct labor
31 Factory overhead
31 Goods transferred, 257,000 units
31 Bal., 2 units, 3/5 completed
Units
Debit Credit
Units charged to production:
Inventory in process, March 11
Received from materials storeroom
Total units accounted for by the Roasting i
Department
Units to be assigned costs:
Inventory in process, March 1
Started and completed in March
Transferred to Packing Department in March.
Inventory in process, March 31
Total units to be assigned costs
846,450
165,000
41,272
?
ACCOUNT NO.
Balance Balance
Debit
Credit
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
For the Month Ended March 31
20,292
866,742
1,031,742
1,073,014
Whole Units
5,700✔
00000
5,700
257,000 ✔
Equivalent Units
Direct Materials
Equivalent Units
Conversion
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