### Cost of Production ReportThe 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- **700 pounds, 20% completed** - **Direct materials (700 X $4.70)** - **$3,290** - **Conversion (700 X 20% X $1.35)** - **$189** --- Total: **$3,479**#### Coffee Beans Added During August- **14,300 pounds** - Valuation: **$65,780**#### Conversion Costs During August- Total: **$21,942**#### Work in Process, August 31- **400 pounds, 42% completed** - Valuation: **?**#### Goods Finished During August- **14,600 pounds** - Valuation: **?**All direct materials are placed in process at the beginning of production.### Tasksa. Prepare a cost of production report, presenting the following computations:1. Direct materials and conversion equivalent units of production for August.2. Direct materials and conversion costs per equivalent unit for August.3. Cost of goods finished during August.4. Cost of work in process at August 31.If an amount is zero, enter in "0". For the cost per equivalent unit, round your answer to the nearest cent.#### Example Format:**Morning Brew Coffee Company****Cost of Production Report—Roasting Department****For the Month Ended August 31**---### Explanation of the Diagram/GraphThere are no diagrams or graphs included in this image. The image consists entirely of a table and instructions about preparing a cost of production report for the Morning Brew Coffee Company’s Roasting Department for the month of August. The data includes work in process amounts, direct materials costs, conversion costs, and the status of the inventory in terms of completion percentage and pounds of coffee beans processed.

Name: ### Cost of Production ReportThe debits to Work in Process—Roasting D
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: ### Cost of Production ReportThe 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- **700 pounds, 20% completed**

Business

Accounting

The debits to Work in Process-Roasting Department for Morning Brew Coffee Company for August, together with information concerning production Work in process, August 1, 700 pounds, 20% completed *Direct materials (700 X $1 701

The debits to Work in Process-Roasting Department for Morning Brew Coffee Company for August, together with information concerning production Work in process, August 1, 700 pounds, 20% completed *Direct materials (700 X $1 701

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

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, 1,100 pounds, 50% completed $3,960* *Direct materials (1,100 X $3) $3,300 Conversion (1,100 X 50% X $1.2) $660 $3,960 Coffee beans added during August, 34,000 pounds $100,300 Conversion costs during August 43,745 Work in process, August 31, 1,800 pounds, 50% completed ? Goods finished during August, 33,300 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 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ b. Compute and…
Q2: Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available: Work in process, August 1 (60% complete with respect to conversion).... Started in August. Completed Work in process, August 31 (30% complete with respect to conversion). 72,000 480,000 480,000 72,000 Required 1. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. Solution
Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $210,000 and incurred direct labor cost of $140,000. Overhead totaled $320,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: X September 1 September 30 X $130,000 1. What was the cost of direct materials used in September ? $70,000 $75,000 X $140,000 $70,000 $70,000 2. What was the total manufacturing cost in September ? 3. What was the cost of goods manufactured for September?
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, 1,400 units, 75% completed. 22,960*Direct materials (1,400 x $12.65) $17,710 Conversion (1,400 x 75% x $5.00) 5,250 ___________ $22,960 Materials added in January from Weaving Department $742,40058,000 units. Direct labor for January $134,550 Factory Overhead for January $151,611 Goods finished during Janaury…
3
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, 8,200 units, 60% completed *Direct materials (8,200 x $9.80) $101,024* $80,360 Conversion (8,200 × 60% x $4.20) 20,664 $101,024 Materials added during January from Weaving Department, 126,400 units Direct labor for January Factory overhead for January $1,251,360 240,404 293,828 Goods finished during January (includes goods in process, January 1), 127,800 units Work in process, January 31, 6,800 units, 20% 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. Karachi Carpet Company Cost of Production Report-Cutting Department Units Units charged to production: Inventory in process, January 1 For the Month Ended January 31…
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.…
Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 33,000 Credits ? question mark Debits 156,000 Balance 12/31 43,000 Manufacturing Overhead Debit Credit Debits 186,200 Credits ? question mark Work in Process Debit Credit Balance 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214, 200 Balance 12/31 ? question mark Factory Wages Payable Debit Credit Debits 221,000 Balance 1/1 18,000 Credits 216,000 Balance 12/31 13,000 Finished Goods Debit Credit Balance 1/1 58,000 Credits ? question mark Debits? question mark Balance 12/31 87,000 Cost of Goods Sold Debit Credit Debits? question mark Required: What was the cost of raw materials used in production? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any…
2
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…
Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: Materials Work in process Finished goods Required: September 1 September 30 $120,000 80,000 70,000 $130,000 90,000 65,000 Download Excel spreadsheet 1. What was the cost of direct materials used in September? 2. What was the total manufacturing cost in September? 3. What was the cost of goods manufactured for September? 4. Assume that Lauren Ashley Company's monthly incurred direct labor cost increased by 25% and total overhead costs decreased by 20%. Using Excel (or some other spreadsheet software tool), calculate Lauren Ashely's new cost of goods manufactured that results from the changes in direct labor cost and overhead costs. Even for a relatively simple exercise, this requirement illustrates the time and effort savings of utilizing…
If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August? a.$390,000 b.$525,000 c.$580,000 d.$170,000