Cost of Production Report The debits to Work in Process-Roasting Department for
ID: 2423191 • Letter: C
Question
Cost of Production Report The debits to Work in Process-Roasting Department for St. Arbucks Coffee Company for July 2014, together with information concerning production, are as follows: work in process, July 1, 400 pounds, 50% completed $1,240* $1,040 $200 $1,240 Direct materials (400 X $2.60) Conversion (400 X 50% X $1.00) 33,150 Coffee beans added during July, 13,000 pounds Conversion costs during July work in process, July 31, 700 pounds, 50% completed Goods finished during July, 12,700 pounds 14,135 Hint(sl@ Hide 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 July 2. Direct materials and conversion costs per equivalent unit for July 3. Cost of goods finished during July 4. Cost of work in process at July 31, 2014 If an amount is zero, enter in "O". For the cost per equivalent unit, round your answer to two decimal places St. Arbucks Coffee Company Cost of Production Report-Roasting Department For the Month Ended July 31, 2014 Unit Informati Units charged to production Inventory in process, July 1 Received from materials storeroom Total units accounted for by the Roasting DepartmentExplanation / Answer
St. Arbucks Coffee Company Cost of Production Report – Roasting Department For the Month Ended July 31, 2014 Unit Information Whole Units Equivalent Units Units Charged to Production Direct Material Conversion Inventory in Process, July 1 400 Received from Materials Storeroom 13,000 Total Units Accounted for by the Roasting Department 13,400 Units to be Assigned Cost Inventory in Process, July 1 (50% Completed) 400 0 200 (400*50%) Started and Completed in July (13,000 - 700) 12,300 12,300 12,300 Transferred to Finished Goods in July 12,700 12,300 12,500 Inventory in Process, July 31 (50% Completed) 700 700 350 (700*50%) Total Units to be Assigned Costs (1) 13,400 13,000 12,850 Costs Costs Direct Materials Conversion Total Costs per Equivalent Unit: Total Costs for July in Roasting Department 33,150 14,135 Total Equivalent Units 13,000 12,850 Cost per Equivalent Unit (Total Costs/Total Equivalent Units) (2) $2.55 $1.1 Cost Assigned to Production Inventory in Process, July 1 1,240 Cost Incurred in July (33,150 + 14,135) 47,285 Total Costs Accounted for by the Roasting Department (1,240 + 47,285) $48,525 Cost Allocated to Complete and Partially Completed Units Inventory in Process, July 1 Balance 1,240 To Complete Inventory in Process, July 1 0 220 (200*1.1) 220 Cost of Completed July Work in Process (1,240 + 220) 1,460 Started and Completed in July 31,365 (12,300*2.55) 13,530 (12,300*1.1) 44,895 Transferred to Finished Goods in July (1,460 + 44,895) (3) $46,355 Inventory in Process, July 31 (4) 1,785 (700*2.55) 385 (350*1.1) $2,170 Total Costs Assigned by the Roasting Department (46,355 + 2,170) $48,525