Financial & Managerial Accounting
14th Edition
ISBN: 9781337119207
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 17, Problem 17.16EX
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 1,700 pounds, 20% completed | $ 3,479* | |
| "Direct materials (700×$4.70} | $3,290 | |
| Conversion (700 × 20% × $ 1.35} | 189 | |
| $3,479 | ||
| Coffee beans added during August, 14,300 pounds | 65,780 | |
| Conversion costs during August | 21,942 | |
| Work in process, August 31,400 pounds. 42% completed | ? | |
| Goods finished during August 14,600 pounds | ? |
All direct materials arc 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 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
B. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July).
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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, 500 pounds, 20% completed
$2,430*
*Direct materials (500 X $4.50)
$2,250
Conversion (500 X 20% X $1.80)
180
$2,430
Coffee beans added during August, 16,000 pounds
71,200
Conversion costs during August
30,096
Work in process, August 31, 800 pounds, 30% 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…
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, 700 pounds, 20% completed
$3,479*
*Direct materials (700 X $4.70)
$3,290
Conversion (700 X 20% X $1.35)
189
$3,479
Coffee beans added during August, 14,300 pounds
65,780
Conversion costs during August
21,942
Work in process, August 31, 400 pounds, 42% completed
Goods finished during August, 14,600 pounds
All direct materials are placed in process at the beginning of production.
a. Prepare a cost of production report, presenting the following computations:
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…
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".…
Chapter 17 Solutions
Financial & Managerial Accounting
Ch. 17 - Which type of cost system, process or job order,...Ch. 17 - In job order cost accounting, the three elements...Ch. 17 - In a job order cost system, direct labor and...Ch. 17 - Why is the cost per equivalent unit often...Ch. 17 - What is the purpose for determining the cost per...Ch. 17 - Rameriz Company is a process manufacturer with two...Ch. 17 - Prob. 7DQCh. 17 - Prob. 8DQCh. 17 - How docs lean manufacturing differ from the...Ch. 17 - Job order versus process costing Which of the...
Ch. 17 - Units to be assigned costs Oak Ridge Steel Company...Ch. 17 - Equivalent units of materials cost The Rolling...Ch. 17 - Equivalent units of conversion costs The Rolling...Ch. 17 - Cost per equivalent unit The cost of direct...Ch. 17 - Cost of units transferred out and ending work in...Ch. 17 - Process cost journal entries In July, the cost of...Ch. 17 - Analyzing changes in unit costs The Costs of...Ch. 17 - Entries for materials cost flows in a process cost...Ch. 17 - Flowchart of accounts related to service and...Ch. 17 - Entries for flow of factory costs for process cost...Ch. 17 - Factory overhead rate, entry for applying factory...Ch. 17 - Equivalent units of production The Converting...Ch. 17 - Equivalent units of production Units of production...Ch. 17 - Equivalent units of production The following...Ch. 17 - Costs per equivalent unit A. Based upon the data...Ch. 17 - Prob. 17.9EXCh. 17 - Costs per equivalent unit Georgia Products Inc....Ch. 17 - Equivalent units of production and related costs...Ch. 17 - Cost of units completed and in process A. Based on...Ch. 17 - Errors in equivalent unit computation Napco...Ch. 17 - Cost per equivalent unit The following information...Ch. 17 - Costs per equivalent unit and production costs...Ch. 17 - Cost of production report The debits to Work in...Ch. 17 - Cost of production report The Cutting Department...Ch. 17 - Cost of production and journal entries AccuBlade...Ch. 17 - Cost of production and journal entries Lighthouse...Ch. 17 - Prob. 17.20EXCh. 17 - Lean manufacturing The following are some quotes...Ch. 17 - Equivalent units of production: average cost...Ch. 17 - Equivalent units of production: average cost...Ch. 17 - Equivalent units of production: average cost...Ch. 17 - Equivalent units of production and related costs...Ch. 17 - Cost per equivalent unit: average cost method The...Ch. 17 - Prob. 17.27EXCh. 17 - Cost of production report: average cost method...Ch. 17 - Entries for process cost system Port Ormond Carpet...Ch. 17 - Cost of production report Hana Coffee Company...Ch. 17 - Equivalent units and related costs; cost of...Ch. 17 - Work in process account data for two months; cost...Ch. 17 - Cost of production report: average cost method...Ch. 17 - Entries for process cost system Preston Grover...Ch. 17 - Cost of production report Bavarian Chocolate...Ch. 17 - Prob. 17.3BPRCh. 17 - Work in process account data for two months; cost...Ch. 17 - Prob. 17.5BPRCh. 17 - Analyzing process cost elements across product...Ch. 17 - Prob. 2ADMCh. 17 - Prob. 3ADMCh. 17 - Ethics in Action You arc the Cookie division...Ch. 17 - Prob. 17.3TIF
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