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

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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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