Mochaccino Express 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: Date July ACCOUNT Work in Process-Roasting Department Item 1 Bal., 6,300 units, 40% completed 31 Direct materials, 252,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 253,000 units 31 Bal., 2 units, 60% completed Required: Debit 756,000 162,300 40,628 Credit ACCOUNT NO. Debit Balance 20,538 776,538 938,838 979,466 Credit 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does not require an entry, leave it blank. When computing cost per equivalent units, round to two decimal places.

Mochaccino Express 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: Date July ACCOUNT Work in Process-Roasting Department Item 1 Bal., 6,300 units, 40% completed 31 Direct materials, 252,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 253,000 units 31 Bal., 2 units, 60% completed Required: Debit 756,000 162,300 40,628 Credit ACCOUNT NO. Debit Balance 20,538 776,538 938,838 979,466 Credit 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does not require an entry, leave it blank. When computing cost per equivalent units, round to two decimal places.

Name: Mochaccino Express Coffee Company roasts and packs coffee beans. The
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Mochaccino Express 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 pa

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cost of Production Report: Average Cost 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 Debit Credit Balance Debit Credit Dec. 1 Bal., 10,500 units, 75% completed 21,000 31 Direct materials, 210,400 units 246,800 267,800 31 Direct labor 135,700 403,500 31 Factory overhead 168,630 572,130 31 Goods transferred, 208,900 units ? ? 31 Bal., ? units, 25% completed ? Required: Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department. If required, round your cost per equivalent unit answer to the nearest cent. Sunrise…
Please don't give image format
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 ACCOUNT NO. Date Item Debit Credit BalanceDebit BalanceCredit March 1 Bal., 25,000 units, 10% completed 21,250 31 Direct materials, 600,000 units 450,000 471,250 31 Direct labor 244,600 715,850 31 Factory overhead 415,820 1,131,670 31 Goods transferred, 605,000 units ? 31 Bal., ? units, 45% 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 the nearest cent. Units Whole Units Equivalent UnitsDirect…
Hardev
Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. This is the company’s production schedule for May: Percent Completed Tons of Pulp Materials Conversion Work-in-Process Inventory, May 1 3,000 100 % 50 % Started during May 14,000 Units to account for 17,000 Units from beginning Work-in-Process, whichwere completed and transferred out during May 3,000 Started and completed during May 8,400 Work-in-Process Inventory, May 31 5,600 100 % 50 % Total units accounted for 17,000 The following cost data are available: Work-in-Process Inventory, May 1 Direct materials $ 47,640 Conversion 116,202 Costs incurred during May…
Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. This is the company’s production schedule for May: Tons of Pulp Percent Completed Materials Conversion Work-in-Process Inventory, May 1 5,000 100% 50% Started during May 15,000 Units to account for 20,000 Units from beginning Work-in-Process, which were completed and transferred out during May 5,000 Started and completed during May 12,000 Work-in-Process Inventory, May 31 3,000 100% 50% Total units accounted for 20,000 The following cost data are available: Work-in-Process Inventory, May 1 Direct materials $ 94,000 Conversion 133,120 Costs incurred during May Direct materials 229,800 Conversion 376,000 Required: 1. Calculate…
Munabhai
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process-Mixing Department 28,000 June 1 balance Materials Direct labor Overhead June 30 balance Debit 120,000 79,500 97,000 Foundational 5-7 (Static) Credit Completed and transferred to Finished Goods ? The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and $12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 50% complete with respect to conversion. During June, 37,500 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and…
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Debit Foundational 4-14 (Algo) Work in Process-Mixing Department 27,000 154,205 98,500 116,000 ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory includes 4,100 units with $14,700 in materials cost and $12,300 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,600 units were started into production. The June 30 work in process inventory consisted of 9,400 units 100% complete with respect to materials and 50% complete…
The Ammad Company manufactures a product in a single process. The following information is available: Work-in-process, January 1 Units started in production Units completed and transferred out Work-in-process, December 31 -0- 14,000 9,000 5,000 Production costs: Direct Materials $385,000 Direct Labour 139,750 Manufacturing Overhead 86,000 Total cost to account for $610,750 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost of the December 31 Work in Process Inventory would be: O a. $174,250 O b. $610,750 O c. $436,500 O d. $218,125
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., 30,000 units, 10% completed 121,800 31 Direct materials, 155,000 units 620,000 741,800 31 Direct labor 90,000 831,800 31 Factory overhead 33,272 865,072 31 Goods transferred, 149,000 units ? 31 Bal., ? units, 45% completed ? 2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your…
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 ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit March 1 Bal., 25,000 units, 10% completed 21,250 31 Direct materials, 600,000 units 31 Direct labor 450,000 471,250 31 Factory overhead 244,600 415,820 715,850 1,131,670 31 Goods transferred, 605,000 units 31 Bal., ? units, 45% 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 the nearest cent. Lui Coffee Company Cost of Production Report-Roasting Department Units Units charged to production: For the Month Ended…