Cost of Production ReportThe debits to Work in Process-Roasting Department for Morning Brew Coffee Company for August, together with informWork in process, August 1, 900 pounds, 30% completed$4,626**Direct materials (900 X $4.60)$4,140Conversion (900 X 30% X $1.80)486$4,626Coffee beans added during August, 28,000 pounds127,400Conversion costs during August53,333Work in process, August 31, 1,400 pounds, 60% completedGoods finished during August, 27,500 pounds?All direct materials are placed in process at the beginning of production.a. Prepare a cost of production report, presenting the following computations:1. Direct materials and conversion equivalent units of production for August2. Direct materials and conversion costs per equivalent unit for August3. Cost of goods finished during August4. Cost of work in process at August 31If an amount is zero, enter in "0". For the cost per equivalent unit, round your answer to two decimal places.Morning Brew Coffee CompanyCost of Production Report-Roasting DepartmentFor the Month Ended August 31 Cost per equivalent unit:DirectConversionMaterialsTotal costs for August in Roasting Department127,400 V $ 53,333Total equivalent units28,00028,0704.551.90Cost per equivalent unit (2)Costs assigned to production:DirectConversionTotalMaterialsInventory in process, August 14,626Costs incurred in August180,733Total costs accounted for by the Roasting Department185,359Costs allocated to completed and partially completed units:Inventory in process, August 1 balance4,626To complete inventory in process, August 11,100 XCost of completed August 1 work in processStarted and completed in AugustTransferred to finished goods in August (3)Inventory in process, August 31 (4)Total costs assigned by the Roasting Department%2400%24

The total cost incurred during August will be allocated on the units it incurred (beginning WIP and…

Answered: The debits to Work in Process-Roasting…

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

Process 1 AP beer company prepare beer using two processes, information for the next period is as follows: Input materials 2,000 Kgs @ a total cost of 22,000 Labor costs $12,000 Overhead costs 65% of Labor Normal loss is estimated to be 10% of input Losses may be sold as scrap for $15 per Kg Actual output 1,720 Kgs Process 2 Input from process 1 Labor cost $15,500 Overhead costs 65% of Labor Actual output 1,658 Kgs Losses may be sold as scrap for $12 per Kg Required i. Prepare process account one ii. Complete process account 2
The debits to Work in Process—Roasting Department for Daybreak Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 1,200 pounds, 30% completed $5,970* *Direct materials (1,200 × $4.15) $4,980 Conversion (1,200 × 30% × $2.75) 990 $5,970 Coffee beans added during August, 19,800 pounds $81,180 Conversion costs during August 59,334 Work in process, August 31, 900 pounds, 80% completed ? Goods finished during August, 20,100 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount box does not require an entry, leave it…
Need help with this Question
The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 500 pounds, 20% completed $1,350* *Direct materials (500 X $2.50) $1,250 Conversion (500 X 20% X $1.00) 100 $1,350 Coffee beans added during August, 16,000 pounds 39,200 Conversion costs during August 17,688 Work in process, August 31, 800 pounds, 60% completed ? Goods finished during August, 15,700 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0". For the cost per equivalent…
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…
The debits to Work in Process—Roasting Department for Daybreak Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 700 pounds, 30% completed $4,081* *Direct materials (700 X $5.2) $3,640 Conversion (700 X 30% X $2.1) $441 $4,081 Coffee beans added during August, 22,000 pounds $113,300 Conversion costs during August 48,752 Work in process, August 31, 1,100 pounds, 70% completed ? Goods finished during August, 21,600 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount box does not require an entry, leave it blank.…
how can I resolve this problem? Percent Completed Units Materials Conversion Work in process, beginning 50,000 70% 40% Started into production 265,000 Completed and transferred out 255,000 Work in process, ending 60,000 75% 25% Materials Conversion Work in process, beginning $ 16,600 $ 5,000 Cost added during June $ 178,400 $ 105,700 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.
Cost of Production Report The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 900 pounds, 20% completed $3,312* *Direct materials (900 X $3.40) $3,060 Conversion (900 X 20% X $1.40) 252 $3,312 Coffee beans added during August, 28,000 pounds 93,800 Conversion costs during August 42,240 Work in process, August 31, 1,400 pounds, 60% completed ? Goods finished during August, 27,500 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0".…
In process, Nov. Stage of completion Exercise 6: Coat of Production Report - Even Application of Costa given en its August, 19H production: Quantity data: In process, August 1 8,000 units, 14 done 70,000 units 12,000 units, 23 done Placed in proces In process, August 31 Cost data: In process, August 1 Factory costs: Materials Labor Factory overhead Required: P 1,110 23,760 15,840 12,240 a Cost of production report supported by the schedule of equivalent production b. T-account for work in process.
Physical Flow Schedule Nelrok Company manufactures fertilizer. Department 1 mixes the chemicals required for the fertilizer. The following data are for the year: BWIP (40% complete) 45,000 Units started 142,500 Units in EWIP (60% complete) 35,000 Required: Prepare a physical flow schedule. Nelrok CompanyPhysical Flow Schedule Units to account for: Units in beginning work in process fill in the blank 1 Units started fill in the blank 2 Total units to account for fill in the blank 3 Units accounted for: Completed from beginning work in process fill in the blank 4 Started and completed fill in the blank 5 Units in ending work in process fill in the blank 6 Total units accounted for fill in the blank 7 Feedback Partially correct Check My Work
Question Content Area Department A had 4, 800 units in Work in Process that were 79% completed at the beginning of the period at a cost of $6, 100. During the period, 25,000 units of direct materials were added at a cost of $55,000, and 27,700 units were completed. At the end of the period, 2, 100 units were 36% completed. All materials are added at the beginning of the process. Direct labor was $25,200 and factory overhead was $4,200. The cost of the 2,100 units in process at the end of the period if the first - in, first-out method is used to cost inventories was a. $5,521 b. $6, 422 c. $5,071 d. $4,620
Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 10,400 units, 80% completed $128,128* *Direct materials (10,400 × $8.00) $83,200 Conversion (10,400 × 80% × $5.40) 44,928 $128,128 Materials added during January from Weaving Department, 160,000 units $1,304,000 Direct labor for January 387,313 Factory overhead for January 473,382 Goods finished during January (includes goods in process, January 1), 161,800 units — Work in process, January 31, 8,600 units, 35% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places. b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS