Cost of Production ReportLui 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 Departmentat March 31:ACCOUNT Work in Process-Roasting DepartmentACCOUNT NO.Date ItemMarch1Bal., 7,100units, 2/5completedDirect31 materials, 1,022,400319,500 units31 Direct laborFactoryoverheadGoods31 transferred,3131320,000 unitsBal., ? units,2/5 completedDebit CreditUnits204,70051,140?Balance BalanceDebit CreditUnits charged to production:Inventory in process, March 1Received from materials storeroomTotal units accounted for by theRoasting DepartmentUnits to be assigned costs:Inventory in process, March 124,5661,046,9661,251,6661,302,806Required: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 CompanyCost of Production Report-Roasting DepartmentFor the Month Ended March 31?WholeUnitsEquivalentUnits EquivalentDirectUnitsMaterials Conversion Started and completed in MarchTransferred to Packing Departmentin MarchInventory in process, March 31Total units to be assigned costsCostsCost per equivalent unit:Total costs for March in Roasting DepartmentTotal equivalent unitsCost per equivalent unitCosts assigned to production:Inventory in process, March 1Costs incurred in MarchTotal costs accounted for by the Roasting DepartmentCosts allocated to completed and partially completed units:Inventory in process, March 1 balanceTo complete inventory in process, March 1Cost of completed March 1 work in processStarted and completed in MarchTransferred to finished goods in MarchInventory in process,arch 31Change in direct materials cost perequivalent unitCostsChange in conversion cost perequivalent unitIncrease orDecreaseDirect MaterialsTotal costs assigned by the Roasting Department$2. Assuming that the March 1 work in process inventory includes $22,010 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March. If required, round your answers to two decimal places.$AmountConversionTotal

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Description: Cost of Production ReportLui 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 follow

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Started and completed in March Transferred to Packing Department in March Inventory in process, March 31 Total units to be assigned costs Costs Cost per equivalent unit: Total costs for March in Roasting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Inventory in process, March 1 Costs incurred in March Total costs accounted for by the Roasting Department Costs allocated to completed and partially completed units: Inventory in process, March 1 balance To complete inventory in process, March 1 Cost of completed March 1 work in process Started and completed in March Transferred to finished goods in March Inventory in process, March 31 Costs Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit Direct Materials 000 Total costs assigned by the Roasting Department 2. Assuming that the March 1 work in process inventory includes $22,010 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March. If required, round your answers to two decimal places. Increase or Decrease Conversion Amount Total

Started and completed in March Transferred to Packing Department in March Inventory in process, March 31 Total units to be assigned costs Costs Cost per equivalent unit: Total costs for March in Roasting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Inventory in process, March 1 Costs incurred in March Total costs accounted for by the Roasting Department Costs allocated to completed and partially completed units: Inventory in process, March 1 balance To complete inventory in process, March 1 Cost of completed March 1 work in process Started and completed in March Transferred to finished goods in March Inventory in process, March 31 Costs Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit Direct Materials 000 Total costs assigned by the Roasting Department 2. Assuming that the March 1 work in process inventory includes $22,010 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March. If required, round your answers to two decimal places. Increase or Decrease Conversion Amount Total

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question 1 of 1 \table[[Manufacturing Costs, Production Data], [Beginning work in process, $50, 193, Beginning work in process, 23, 400 units], [Costs added during month,,Units completed and transferred out,84, 240], [Direct materials, 299, 520, Units started in production, 99, 840], [Direct labor, 54, 756, Ending work in process,39,000 units], [Manufacturing overhead, 106, 704,, ]] Beginning work in process and ending work in process were 10% and 20% complete with respect to conversion costs, respectively. Prepare a production cost report for the Welding Department for February 2022. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.) (3) Work in process, February 1 23400 SUPPORT Started into production 99840 larr Check for Understanding Chapter 16 Question 1 of 1 i Completed and 10 - transferred out Work in process, February 1 Started and completed Total Work in process, February 28 tal units (B) Costs to be accounted for
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