Accounting
Accounting
27th Edition
ISBN: 9781285149165
Author: WARREN
Publisher: CENGAGE C
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Chapter 20, Problem 20.16EX

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 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

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, 1,000 pounds, 10% completed $3,740* *Direct materials (1,000 X $3.60) Conversion (1,000 X 10% X $1.40) < $3,600 140 $3,740 Coffee beans added during August, 31,000 pounds Conversion costs during August Work in process, August 31, 1,600 pounds, 30% completed Goods finished during August, 30,400 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 two decimal…
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 20 Solutions

Accounting

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