Mochaccino Express 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 accountof the Roasting Department at July 31:DateJulyACCOUNT Work in Process-Roasting DepartmentItem1 Bal., 6,300 units, 40% completed31 Direct materials, 252,000 units31 Direct labor31 Factory overhead31 Goods transferred, 253,000 units31 Bal., 2 units, 60% completedRequired:Debit756,000162,30040,628Credit?ACCOUNT NO.DebitBalance20,538776,538938,838979,466?Credit1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does notrequire an entry, leave it blank. When computing cost per equivalent units, round to two decimal places. 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does notrequire an entry, leave it blank. When computing cost per equivalent units, round to two decimal places.Units charged to production:Inventory in process, July 1Received from materials storeroomMochaccino Express Coffee CompanyCost of Production Report-Roasting DepartmentFor the Month Ended July 31Unit InformationTotal units accounted for by the Roasting DepartmentUnits to be assigned costs:Inventory in process, July 1Started and completed in JulyTransferred to Packing Department in JulyInventory in process, July 31Total units to be assigned costsWholeUnitsEquivalent UnitsDirectMaterialsConversion

Name: Mochaccino Express Coffee Company roasts and packs coffee beans. The
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Description: Mochaccino Express 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 pa

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lochaccino Express Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Departm rom the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process acco f the Roasting Department at July 31: Date uly ACCOUNT Work in Process-Roasting Department Item 1 Bal., 6,300 units, 40% completed 31 Direct materials, 252,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 253,000 units 31 Bal., 2 units, 60% completed tequired: Debit 756,000 162,300 40,628 Credit ACCOUNT NO. Debit Balance 20,538 776,538 938,838 979,466 Credit L. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does

lochaccino Express Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Departm rom the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process acco f the Roasting Department at July 31: Date uly ACCOUNT Work in Process-Roasting Department Item 1 Bal., 6,300 units, 40% completed 31 Direct materials, 252,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 253,000 units 31 Bal., 2 units, 60% completed tequired: Debit 756,000 162,300 40,628 Credit ACCOUNT NO. Debit Balance 20,538 776,538 938,838 979,466 Credit L. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 2PA: Cost of production report Hana Coffee Company roasts and packs coffee beans. The process begins by...

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Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process. b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. d. Started in process, 95,000 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method.
The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs.
Softkin Company manufactures sun protection lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. Required: Prepare a production report for the Mixing Department for the current year.
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
Equivalent units and related costs; cost of production report; entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in ProcessFilling was as follows on January 1: The following costs were charged to Work in ProcessFilling during January: During January, 53,000 units of specialty chemicals were completed. Work in ProcessFilling Department on January 31 was 2,700 units, 30% completed. Instructions 1. Prepare a cost of production report for the Filling Department for January. 2. Journalize the entries for costs transferred from Reaction to Filling and the costs transferred from Filling to Finished Goods. 3. Determine the increase or decrease in the cost per equivalent unit from December to January for direct materials and conversion costs. 4. Discuss the uses of the cost of production report and the results of part (3).
During December, Krause Chemical Company had the following selected data concerning the manufacture of Xyzine, an industrial cleaner: All materials are added at the beginning of processing in this department, and conversion costs are added uniformly during the process. The beginning work in process inventory had 120 of raw materials and 180 of conversion costs incurred. Materials added during December were 540, and conversion costs of 1,484 were incurred. Krause uses the first-in, first-out (FIFO) process cost method. The equivalent units of production used to compute conversion costs for December were: a. 110 units. b. 104 units. c. 100 units. d. 92 units.
Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000. Required: 1. Assuming the use of the weighted average method, prepare a schedule of equivalent units. 2. Compute the unit cost for the month.
Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows: With respect to conversion costs. Required: 1. Prepare a physical flow schedule for July. 2. Prepare an equivalent units schedule for July using the FIFO method. 3. What if 60 percent of the materials were added at the beginning of the process and 40 percent were added at the end of the process (all ingredients used are treated as the same type or category of materials)? How many equivalent units of materials would there be?
Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.
Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
Work in process account data for two months; cost of production reports Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in ProcessFilling on April 1 and debits to the account during April were as follows: During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed. Charges to Work in ProcessFilling for May were as follows: During May, the units in process at the beginning of the month were completed, and of the 9,600 units entering the department, all were completed except 300 units that were 35% completed. Instructions 1. Enter the balance as of April 1, in a four-column account for Work in ProcessFilling. Record the debits and the credits in the account for April. Construct a cost of production report, and present computations for determining (A) equivalent units of production for materials and conversion, B) costs per equivalent unit, (C) cost of goods finished, differentiating between units started in the prior period and units started and finished in April, and (d) work in process inventory. 2. Provide the same information for May by recording the May transactions in the four-column work in process account. Construct a cost of production report, and present the May computations (A through D) listed in part (1). 3. Comment on the change in costs per equivalent unit for March through May for direct materials and conversion costs.
Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.