wiCoffee 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 Department at March ACCOUNT Work in Process-Roasting Department Date Item March 1 Bal., 5,800 units, 3/5 completed 31 Direct materials, 261.000 units 31 Direct labor 31 Factory overhead 31 Goods transferred. 261.000 units 31 Bal., 2 units, 1/5 completed Units Debit Credit Credit Started and completed in March Transferred to Packing Department in March Inventory in process, March 31 Total units to be assigned costs 522.000 103,500 25,840 Units charged to production: Inventory in process, March 1 Received from materials storeroom Total units accounted for by the Roasting Department Units to be assigned costs: Inventory in process, March 1 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 ? Required: 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. ACCOUNT NO. Balance Balance Debit Credit 13.108 535.108 638.608 664,448 Lui Coffee Company Cost of Production Report-Roasting Department For the Month Ended March 31 ? Whole Units 5,800 261,000 266,800 5,800 255,200 261,000 5,800 266,800 Costs Direct Materials 522,000 261,000 Equivalent Units Direct Materials 2.00 0 255,200 255,200 5,800 261,000 Equivalent Units Conversion Conversion 2,320 255,200 257,520 Total 13,108
wiCoffee 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 Department at March ACCOUNT Work in Process-Roasting Department Date Item March 1 Bal., 5,800 units, 3/5 completed 31 Direct materials, 261.000 units 31 Direct labor 31 Factory overhead 31 Goods transferred. 261.000 units 31 Bal., 2 units, 1/5 completed Units Debit Credit Credit Started and completed in March Transferred to Packing Department in March Inventory in process, March 31 Total units to be assigned costs 522.000 103,500 25,840 Units charged to production: Inventory in process, March 1 Received from materials storeroom Total units accounted for by the Roasting Department Units to be assigned costs: Inventory in process, March 1 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 ? Required: 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. ACCOUNT NO. Balance Balance Debit Credit 13.108 535.108 638.608 664,448 Lui Coffee Company Cost of Production Report-Roasting Department For the Month Ended March 31 ? Whole Units 5,800 261,000 266,800 5,800 255,200 261,000 5,800 266,800 Costs Direct Materials 522,000 261,000 Equivalent Units Direct Materials 2.00 0 255,200 255,200 5,800 261,000 Equivalent Units Conversion Conversion 2,320 255,200 257,520 Total 13,108
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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:Lui 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 Department at March 31:
ACCOUNT Work in Process-Roasting Department
Date Item
March 1 Bal., 5,800 units, 3/5 completed
31 Direct materials, 261,000 units
31 Direct labor
31 Factory overhead
31 Goods transferred, 261,000 units
31 Bal., 2 units, 1/5 completed
Units
Units charged to production:
Inventory in process, March 1
Received from materials storeroom
Debit Credit
522,000
103,500
25,840
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
Total units accounted for by the Roasting Department
Units to be assigned costs:
Inventory in process, March 1
Started and completed in March
Transferred to Packing Department in March
Inventory in process, March 31
Total units to be assigned costs
7
Required:
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 Company
Cost of Production Report-Roasting Department
For the Month Ended March 31
ACCOUNT NO.
Balance Balance
Debit Credit
13,108
535,108
638,608
664,448
$
Whole Units
?
5,800
261,000
266,800
5,800
255,200
261,000
5,800
266,800
Costs
Direct Materials
522,000
Equivalent Units
Direct Materials
261,000
2.00
0
255,200
255,200
5,800
261,000
Equivalent Units
Conversion
Conversion
2,320
255,200
257,520
Total
13,108
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