he debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 900 pounds, 20% completed $4,473* *Direct materials (900 × $4.70) $4,230 Conversion (900 × 20% × $1.35) 243 $4,473 Coffee beans added during August, 18,386 pounds 83,656 Conversion costs during August 28,236 Work in process, August 31, 486 pounds, 42% completed ? Goods finished during August, 18,800 pounds ? All direct materials are placed in process at the beginning of production. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter "0". Round the answers in units to the nearest whole number, the answer for the cost per equivalent unit to the nearest cent, and the other monetary answers to the nearest whole dollar. Morning Brew Coffee Company Cost of Production Report-Roasting Department For the Month Ended August 31 UNITS Equivalent Units Whole Units Direct Materials (1) Conversion (1) Units charged to production: Inventory in process, August 1 fill in the blank 2 Received from materials storeroom fill in the blank 3 Total units accounted for by the Roasting Department fill in the blank 4 Units to be assigned costs: Inventory in process, August 1 fill in the blank 5 fill in the blank 6 fill in the blank 7 Started and completed in August fill in the blank 8 fill in the blank 9 fill in the blank 10 Transferred to finished goods in August fill in the blank 11 fill in the blank 12 fill in the blank 13 Inventory in process, August 31 fill in the blank 14 fill in the blank 15 fill in the blank 16 Total units to be assigned costs fill in the blank 17 fill in the blank 18 fill in the blank 19 COSTS Costs Direct Materials Conversion Total Costs per equivalent unit: Total costs for August in Roasting Department $ fill in the blank 20 $ fill in the blank 21 Total equivalent units fill in the blank 22 fill in the blank 23 Cost per equivalent unit (2) $ fill in the blank 24 $ fill in the blank 25 Costs assigned to production: Inventory in process, August 1 $ fill in the blank 26 Costs incurred in August fill in the blank 27 Total costs accounted for by the Roasting Department $ fill in the blank 28 Costs allocated to completed and partially completed units: Inventory in process, August 1–balance $ fill in the blank 29 To complete inventory in process, August 1 $ fill in the blank 30 $ fill in the blank 31 fill in the blank 32 Cost of completed August 1 work in process $ fill in the blank 33 Started and completed in August fill in the blank 34 fill in the blank 35 fill in the blank 36 Transferred to finished goods in August (3) $ fill in the blank 37 Inventory in process, August 31 (4) fill in the blank 38 fill in the blank 39 fill in the blank 40 Total costs assigned by the Roasting Department $ fill in the blank 41 Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July). Round your answers to the nearest cent. Increase or Decrease Amount Change in direct materials cost per equivalent unit $ fill in the blank 43 Change in conversion cost per equivalent unit $ fill in the blank 45

he debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 900 pounds, 20% completed $4,473* *Direct materials (900 × $4.70) $4,230 Conversion (900 × 20% × $1.35) 243 $4,473 Coffee beans added during August, 18,386 pounds 83,656 Conversion costs during August 28,236 Work in process, August 31, 486 pounds, 42% completed ? Goods finished during August, 18,800 pounds ? All direct materials are placed in process at the beginning of production. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter "0". Round the answers in units to the nearest whole number, the answer for the cost per equivalent unit to the nearest cent, and the other monetary answers to the nearest whole dollar. Morning Brew Coffee Company Cost of Production Report-Roasting Department For the Month Ended August 31 UNITS Equivalent Units Whole Units Direct Materials (1) Conversion (1) Units charged to production: Inventory in process, August 1 fill in the blank 2 Received from materials storeroom fill in the blank 3 Total units accounted for by the Roasting Department fill in the blank 4 Units to be assigned costs: Inventory in process, August 1 fill in the blank 5 fill in the blank 6 fill in the blank 7 Started and completed in August fill in the blank 8 fill in the blank 9 fill in the blank 10 Transferred to finished goods in August fill in the blank 11 fill in the blank 12 fill in the blank 13 Inventory in process, August 31 fill in the blank 14 fill in the blank 15 fill in the blank 16 Total units to be assigned costs fill in the blank 17 fill in the blank 18 fill in the blank 19 COSTS Costs Direct Materials Conversion Total Costs per equivalent unit: Total costs for August in Roasting Department $ fill in the blank 20 $ fill in the blank 21 Total equivalent units fill in the blank 22 fill in the blank 23 Cost per equivalent unit (2) $ fill in the blank 24 $ fill in the blank 25 Costs assigned to production: Inventory in process, August 1 $ fill in the blank 26 Costs incurred in August fill in the blank 27 Total costs accounted for by the Roasting Department $ fill in the blank 28 Costs allocated to completed and partially completed units: Inventory in process, August 1–balance $ fill in the blank 29 To complete inventory in process, August 1 $ fill in the blank 30 $ fill in the blank 31 fill in the blank 32 Cost of completed August 1 work in process $ fill in the blank 33 Started and completed in August fill in the blank 34 fill in the blank 35 fill in the blank 36 Transferred to finished goods in August (3) $ fill in the blank 37 Inventory in process, August 31 (4) fill in the blank 38 fill in the blank 39 fill in the blank 40 Total costs assigned by the Roasting Department $ fill in the blank 41 Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July). Round your answers to the nearest cent. Increase or Decrease Amount Change in direct materials cost per equivalent unit $ fill in the blank 43 Change in conversion cost per equivalent unit $ fill in the blank 45

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows:

Work in process, August 1, 900 pounds, 20% completed			$4,473*
	*Direct materials (900 × $4.70)	$4,230
	Conversion (900 × 20% × $1.35)	243
	$4,473
Coffee beans added during August, 18,386 pounds			83,656
Conversion costs during August			28,236
Work in process, August 31, 486 pounds, 42% completed			?
Goods finished during August, 18,800 pounds			?

All direct materials are placed in process at the beginning of production.

Prepare a cost of production report, presenting the following computations:

Direct materials and conversion equivalent units of production for August
Direct materials and conversion costs per equivalent unit for August
Cost of goods finished during August
Cost of work in process at August 31

If an amount is zero, enter "0". Round the answers in units to the nearest whole number, the answer for the cost per equivalent unit to the nearest cent, and the other monetary answers to the nearest whole dollar.

Morning Brew Coffee Company
Cost of Production Report-Roasting Department
For the Month Ended August 31
UNITS		Equivalent Units
Whole Units	Direct Materials (1)	Conversion (1)
Units charged to production:
Inventory in process, August 1		fill in the blank 2
Received from materials storeroom		fill in the blank 3
Total units accounted for by the Roasting Department		fill in the blank 4
Units to be assigned costs:
Inventory in process, August 1		fill in the blank 5		fill in the blank 6		fill in the blank 7
Started and completed in August		fill in the blank 8		fill in the blank 9		fill in the blank 10
Transferred to finished goods in August		fill in the blank 11		fill in the blank 12		fill in the blank 13
Inventory in process, August 31		fill in the blank 14		fill in the blank 15		fill in the blank 16
Total units to be assigned costs		fill in the blank 17		fill in the blank 18		fill in the blank 19
COSTS	Costs
Direct Materials	Conversion	Total
Costs per equivalent unit:
Total costs for August in Roasting Department	$	fill in the blank 20	$	fill in the blank 21
Total equivalent units		fill in the blank 22		fill in the blank 23
Cost per equivalent unit (2)	$	fill in the blank 24	$	fill in the blank 25
Costs assigned to production:
Inventory in process, August 1					$	fill in the blank 26
Costs incurred in August						fill in the blank 27
Total costs accounted for by the Roasting Department					$	fill in the blank 28
Costs allocated to completed and partially completed units:
Inventory in process, August 1–balance					$	fill in the blank 29
To complete inventory in process, August 1	$	fill in the blank 30	$	fill in the blank 31		fill in the blank 32
Cost of completed August 1 work in process					$	fill in the blank 33
Started and completed in August		fill in the blank 34		fill in the blank 35		fill in the blank 36
Transferred to finished goods in August (3)					$	fill in the blank 37
Inventory in process, August 31 (4)		fill in the blank 38		fill in the blank 39		fill in the blank 40
Total costs assigned by the Roasting Department					$	fill in the blank 41

Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July). Round your answers to the nearest cent.

Increase or Decrease Amount

Change in direct materials cost per equivalent unit $ fill in the blank 43

Change in conversion cost per equivalent unit $ fill in the blank 45

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	Increase or Decrease	Amount
Change in direct materials cost per equivalent unit		$	fill in the blank 43
Change in conversion cost per equivalent unit		$	fill in the blank 45