### 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.

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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**

Prepare a cost of production report.

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

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