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 Date Item December 1 Bal., 14,500 units, 75% completed 31 Direct materials, 250,900 units 31 Direct labor 31 Factory overhead i 31 Goods transferred, 253,000 units 31 Bal., 2 units, 25% completed Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process-Roasting Department. Assume that dret materials are placed in process during production. If required, round your cost per equivalent unit answer to the nearest cent. Sunrise Coffee Company Units ACCOUNT NO. Debit Credit 378,859 206,858 297,673 Balance Balance Debit Credit Units charged to production: Inventory in process, December 11 Received from materials storeroom Total units accounted for by the Roasting Department 38,570 417,429 624,287 921,960 Cost of Production Report-Roasting Department For the Morth Ended December 31 ? 7 Whole Units I Equivalent Units of Production
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 Date Item December 1 Bal., 14,500 units, 75% completed 31 Direct materials, 250,900 units 31 Direct labor 31 Factory overhead i 31 Goods transferred, 253,000 units 31 Bal., 2 units, 25% completed Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process-Roasting Department. Assume that dret materials are placed in process during production. If required, round your cost per equivalent unit answer to the nearest cent. Sunrise Coffee Company Units ACCOUNT NO. Debit Credit 378,859 206,858 297,673 Balance Balance Debit Credit Units charged to production: Inventory in process, December 11 Received from materials storeroom Total units accounted for by the Roasting Department 38,570 417,429 624,287 921,960 Cost of Production Report-Roasting Department For the Morth Ended December 31 ? 7 Whole Units I Equivalent Units of Production
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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Transcribed Image Text:Received from materials storeroom.
Total units accounted for by the Roasting Department
Units to be assigned costs:
Transferred to Packing Department in December
Inventory in process, December 31
Total units to be assigned costs
Costs
Cost per equivalent unit:
Total costs for December in Roasting Department
Total equivalent units
Cost per equivalent unit.
Costs charged to production:
Inventory in process, December 1
Costs incurred in December
I
Total costs accounted for by the Roasting Department
Costs allocated to completed and partially completed units:
Transferred to Packing Department in December
Inventory in process, December 31
Total costs assigned by the Roasting Department
Costs
Transcribed Image Text:Cost of Production Report: Weighted Average 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
December 1 Bal., 14,500 units, 75% completed
31 Direct materials, 250,900 units
31 Direct labor
Debit Credit
Units
378,859
206,858
297,673
Units charged to production:
Inventory in process, December 1
Received from materials storeroom
31 Factory overhead
31 Goods transferred, 253,000 units
31 Bal., 2 units, 25% completed
Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process-Roasting Department. Assume that direct
materials are placed in process during production. If required, round your cost per equivalent unit answer to the nearest cent.
Sunrise Coffee Company
Balance Balance
Debit Credit
Cost of Production Report-Roasting Department
For the Morth Ended December 31
38,570
417,429
624,287
921,960
?
Total units accounted for by the Roasting Department
Linite to be assigned.coets
Whole Units
Equivalent Units
of Production
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