ost of Production Report: Average Cost Method The increases to Work in Process—Roasting Department for Highlands Coffee Company for May as well as information concerning production are as follows: Work in process, May 1, 1,000 pounds, 50% completed $17,530 Coffee beans added during May, 61,700 pounds 604,520 Conversion costs during May 254,070 Work in process, May 31, 600 pounds, 80% completed _ Goods finished during May, 62,100 pounds _ Prepare a cost of production report, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent. Highlands Coffee Company Cost of Production Report-Roasting Department For the Month Ended May 31 Unit Information Units to account for during production: Inventory in process, May 1 fill in the blank 1 Received from materials storeroom fill in the blank 2 Total units accounted for by the Roasting Department fill in the blank 3 Units to be assigned costs: Whole Units Equivalent Units of Production Transferred to finished goods in May fill in the blank 4 fill in the blank 5 Inventory in process, May 31 fill in the blank 6 fill in the blank 7 Total units to be assigned costs fill in the blank 8 fill in the blank 9 Cost Information Costs per equivalent unit: Costs Total costs for May in Roasting Department $fill in the blank 10 Total equivalent units fill in the blank 11 Cost per equivalent unit $fill in the blank 12 Costs assigned to production: Inventory in process, May 1 $fill in the blank 13 Costs incurred in May fill in the blank 14 Total costs accounted for by the Roasting Department $fill in the blank 15 Costs allocated to completed and partially completed units: Transferred to finished goods in May $fill in the blank 16 Inventory in process, May 31 fill in the blank 17 Total costs assigned by the Roasting Department $fill in the blank 18
ost of Production Report: Average Cost Method The increases to Work in Process—Roasting Department for Highlands Coffee Company for May as well as information concerning production are as follows: Work in process, May 1, 1,000 pounds, 50% completed $17,530 Coffee beans added during May, 61,700 pounds 604,520 Conversion costs during May 254,070 Work in process, May 31, 600 pounds, 80% completed _ Goods finished during May, 62,100 pounds _ Prepare a cost of production report, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent. Highlands Coffee Company Cost of Production Report-Roasting Department For the Month Ended May 31 Unit Information Units to account for during production: Inventory in process, May 1 fill in the blank 1 Received from materials storeroom fill in the blank 2 Total units accounted for by the Roasting Department fill in the blank 3 Units to be assigned costs: Whole Units Equivalent Units of Production Transferred to finished goods in May fill in the blank 4 fill in the blank 5 Inventory in process, May 31 fill in the blank 6 fill in the blank 7 Total units to be assigned costs fill in the blank 8 fill in the blank 9 Cost Information Costs per equivalent unit: Costs Total costs for May in Roasting Department $fill in the blank 10 Total equivalent units fill in the blank 11 Cost per equivalent unit $fill in the blank 12 Costs assigned to production: Inventory in process, May 1 $fill in the blank 13 Costs incurred in May fill in the blank 14 Total costs accounted for by the Roasting Department $fill in the blank 15 Costs allocated to completed and partially completed units: Transferred to finished goods in May $fill in the blank 16 Inventory in process, May 31 fill in the blank 17 Total costs assigned by the Roasting Department $fill in the blank 18
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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ost of Production Report: Average Cost Method
The increases to Work in Process—Roasting Department for Highlands Coffee Company for May as well as information concerning production are as follows:
| Work in process, May 1, 1,000 pounds, 50% completed | $17,530 |
| Coffee beans added during May, 61,700 pounds | 604,520 |
| Conversion costs during May | 254,070 |
| Work in process, May 31, 600 pounds, 80% completed | _ |
| Goods finished during May, 62,100 pounds | _ |
Prepare a cost of production report, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent.
| Highlands Coffee Company | ||
| Cost of Production Report-Roasting Department | ||
| For the Month Ended May 31 | ||
| Unit Information | ||
| Units to account for during production: | ||
| Inventory in process, May 1 | fill in the blank 1 | |
| Received from materials storeroom | fill in the blank 2 | |
| Total units accounted for by the Roasting Department | fill in the blank 3 | |
| Units to be assigned costs: | ||
| Whole Units | Equivalent Units of Production | |
| Transferred to finished goods in May | fill in the blank 4 | fill in the blank 5 |
| Inventory in process, May 31 | fill in the blank 6 | fill in the blank 7 |
| Total units to be assigned costs | fill in the blank 8 | fill in the blank 9 |
| Cost Information | ||
| Costs per equivalent unit: | ||
| Costs | ||
| Total costs for May in Roasting Department | $fill in the blank 10 | |
| Total equivalent units | fill in the blank 11 | |
| Cost per equivalent unit | $fill in the blank 12 | |
| Costs assigned to production: | ||
| Inventory in process, May 1 | $fill in the blank 13 | |
| Costs incurred in May | fill in the blank 14 | |
| Total costs accounted for by the Roasting Department | $fill in the blank 15 | |
| Costs allocated to completed and partially completed units: | ||
| Transferred to finished goods in May | $fill in the blank 16 | |
| Inventory in process, May 31 | fill in the blank 17 | |
| Total costs assigned by the Roasting Department | $fill in the blank 18 |
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