Bundle: Financial & Managerial Accounting, Loose-leaf Version, 14th + Working Papers For Warren/reeve/duchac's Corporate Financial Accounting, 14th + ... Financial & Managerial Accounting,
14th Edition
ISBN: 9781337802000
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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Problem No. 3
The business assets of Glea Yares and Eunice Alico appear below:
Yares
Alico
Cash
P
10,000
P
25,000
Accounts Receivable
245,000
565,000
Inventories
122,000
260,000
Land
664,000
Building
938,000
Furniture and Fixtures
Total
87,000
P1,128,000
36,000
P1,824,000
000,00
000,000 19
000,008
Account Payable
Notes Payable
P 178,000
200,000
Yare, Capital
diw 750,000
P 245,000
345,000
adi to omen
Alicol, Capital
Total
P1,128,000
1,234,000
P1,824,000
On March 5, 2025, Yares and Alico agreed to form a partnership contributing their assets and equities subject to the
following adjustments:
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a. Accounts receivable of P15,000 in Yares' books and P30,000 in Alico's are uncollectible.
b. Inventories of P5,500 and P6,500 are worthless in Yares' and Alico's respective books.
Required:
1. In the books of Yares, prepare the necessary journal entries:
a. To record the adjustments to Yares' assets
b. To close the books of Yares of viande no 251qgque oroa snemu ni
2. In the…
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accounting theory and practice. Discuss how the qualitative characteristics outlined in the
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examples to support your analysis.
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Chapter 17 Solutions
Bundle: Financial & Managerial Accounting, Loose-leaf Version, 14th + Working Papers For Warren/reeve/duchac's Corporate Financial Accounting, 14th + ... 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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