Cost of Production Report: Weighted Average Method Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transfe to the Packing Department. The following is a partial work in process account of the Roasting Department at December 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Debit Date Item December 1 Bal., 19,800 units, 40% completed 31 Direct materials, 342,500 units 31 Direct labor Units Units charged to production: Inventory in process, December 1 Received from materials storeroom Units to he assinned costs: Debit Credit 31 Factory overhead 31 Goods transferred, 345,500 units 31 Bal., 2 units, 90% completed Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process-Roasting Department. Assume that dire materials are placed in process during production. If required, round your cost per equivalent unit answer to the nearest cent. Sunrise Coffee Company 575,400 331,474 476,998 Cost of Production Report-Roasting Department For the Month Ended December 31 Total units accounted for by the Roasting Department Check My Work 4 more Check My Work uses remaining. 58,608 634,008 965,482 1,442,480 ? Balance Credit Whole Units Equivalent Units of Production Previous
Cost of Production Report: Weighted Average Method Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transfe to the Packing Department. The following is a partial work in process account of the Roasting Department at December 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Debit Date Item December 1 Bal., 19,800 units, 40% completed 31 Direct materials, 342,500 units 31 Direct labor Units Units charged to production: Inventory in process, December 1 Received from materials storeroom Units to he assinned costs: Debit Credit 31 Factory overhead 31 Goods transferred, 345,500 units 31 Bal., 2 units, 90% completed Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process-Roasting Department. Assume that dire materials are placed in process during production. If required, round your cost per equivalent unit answer to the nearest cent. Sunrise Coffee Company 575,400 331,474 476,998 Cost of Production Report-Roasting Department For the Month Ended December 31 Total units accounted for by the Roasting Department Check My Work 4 more Check My Work uses remaining. 58,608 634,008 965,482 1,442,480 ? Balance Credit Whole Units Equivalent Units of Production Previous
Chapter1: Financial Statements And Business Decisions
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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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Cost of Production Report: Weighted Average Method
Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred
to the Packing Department. The following is a partial work in process account of the Roasting Department at December 31:
ACCOUNT Work in Process-Roasting Department
ACCOUNT NO.
Date
Item
Units
Units charged to production:
Inventory in process, December 1
Received from materials storeroom
December 1 Bal., 19,800 units, 40% completed
31 Direct materials, 342,500 units
31 Direct labor
31 Factory overhead
31 Goods transferred, 345,500 units
31 Bal., 2 units, 90% completed
Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process-Roasting Department. Assume that direct
materials are placed in process during production. If required, round your cost per equivalent unit answer to the nearest cent.
Sunrise Coffee Company
Cost of Production Report-Roasting Department
For the Month Ended December 31
linits to be assigned costs:
Debit
Total units accounted for by the Roasting Department
Check My Work 4 more Check My Work uses remaining.
575,400
331,474
476,998
Credit
Balance Balance
Debit
Credit
58,608
634,008
965,482
1,442,480
?
?
Whole Units
Equivalent Units
of Production
Previous
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