Accounting, Chapters 14-26
27th Edition
ISBN: 9781337514095
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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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, Chapters 14-26
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