Cost of Production ReportLui 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 ofthe Roasting Department at March 31:ACCOUNT Work in Process-Roasting DepartmentDate ItemMarch 1 Bal., 7,000 units, 2/5 completed31 Direct materials, 315,000 units31 Direct labor31 Factory overhead31 Goods transferred, 316,000 units31 Bal., 2 units, 2/5 completedUnitsDebit CreditUnits charged to production:Inventory in process, March 1Received from materials storeroom882,000176,70044,220?ACCOUNT NO.Balance BalanceDebit CreditRequired: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 CompanyCost of Production Report-Roasting DepartmentFor the Month Ended March 3121,140903,1401,079,8401,124,060Whole Units7,000 ✓315,000Equivalent UnitsDirect MaterialsEquivalent UnitsConversion

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Description: Cost of Production ReportLui 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 follow

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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., 7,000 units, 2/5 completed 31 Direct materials, 315,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 316,000 units 31 Bal 2 units, 2/5 completed Units Debit Credit 882,000 176,700 44,220 Units charged to production: Inventory in process, March 1 Received from materials storeroom ? ACCOUNT NO. Balance Balance Debit Credit 21.140 903,140 1.079,840 1,124,060 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 ? Whole Units 7,000 ✓ 315.000 ✓ 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., 7,000 units, 2/5 completed 31 Direct materials, 315,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 316,000 units 31 Bal 2 units, 2/5 completed Units Debit Credit 882,000 176,700 44,220 Units charged to production: Inventory in process, March 1 Received from materials storeroom ? ACCOUNT NO. Balance Balance Debit Credit 21.140 903,140 1.079,840 1,124,060 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 ? Whole Units 7,000 ✓ 315.000 ✓ Equivalent Units Direct Materials Equivalent Units Conversion

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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