Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The

Question

Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department ACCOUNT No. Balance Date Item Debit Credit Debit Credit July 1 Bal., 4,600 units, 4/5 completed 31 Direct materials, 207,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 207,000 units 31 Bal., 2 units, 1/5 completed 6,992 276,092 325,092 337,364 269,100 49,000 12,272 Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in Process- Roasting Department. If an amount is zero, enter o. When computing cost per equivalent units, round to two decimal places Hana Coffee Company Cost of Production Report-Roasting Department For the Month Ended July 31 Units charged to production Inventory in process, July 1 Received from materials storeroom Total units accounted for by the Roasting Department Units to be assigned costs 4,600 207,000 V 211,600 V Previous Next Check My Work

Explanation / Answer

1 FIFO method Beggining units 4600 Transferred out 2,07,000 Started into production 207000 Ending units 4,600 211600 211600 Equivalent units Material Conversion Beginning units 4600 4600 Completion in current period 0% 20% A 0 920 Units started and completed 202400 202400 Completion 100% 100% B 202400 202400 Ending Units 4,600 4,600 Completion 100% 20% C 4600 920 Total units A+B+C 207000 204240 Cost per equivalent units Per unit cost Cost Total units Per unit cost Material cost 269100 207000 1.30 Conversion cost 61272 204240 0.30 Total 330372 1.60 Cost of goods sold Material convertion cost Beginning inventory completed Completion 0% 20% Per unit cost 1.30 0.30 Units 4600 4600 Total cost   A 0.00 276 276 Units started and completed Completion 100% 100% Per unit cost 1.30 0.30 Units 202400 202400 Total cost    B 263120 60720 323840 Beginning work in progress C 5520 1472 6992 Total cost A+B+C 331108 Ending work in progress Completion 100% 20% Per unit cost 1.30 0.30 Units 4,600 4,600 Total cost     5980 276 6256 Total cost accounted for 337364 Cost per equivalent unit Material Conversion cost For current period 1.30 0.30 For beginning inventory 1.2 0.40 increase (decrease) 0.1 -0.1

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---