Cost of Production Report Lui Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roastin Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial w Roasting Department at March 31: ACCOUNT Work in Process-Roasting Department Date Item March 1 Bal., 4,600 units, 1/5 completed 31 Direct materials, 207,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 207,000 units 31 Bal., ? units, 4/5 completed Units Debit Credit 517,500 100,700 25,156 Units charged to production: Inventory in process, March 1 Received from materials storeroom ACCOUNT NO. Balance Balance Debit Credit Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Departme enter "0". When computing cost per equivalent units, round to the nearest cent. 11,684 529,184 629,884 655,040 Total units accounted for by the Roasting Department Lui Coffee Company Cost of Production Report-Roasting Department For the Month Ended March 31 ? Whole Units Equivalent Units Direct Materials Equivale Conve

Cost of Production Report Lui Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roastin Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial w Roasting Department at March 31: ACCOUNT Work in Process-Roasting Department Date Item March 1 Bal., 4,600 units, 1/5 completed 31 Direct materials, 207,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 207,000 units 31 Bal., ? units, 4/5 completed Units Debit Credit 517,500 100,700 25,156 Units charged to production: Inventory in process, March 1 Received from materials storeroom ACCOUNT NO. Balance Balance Debit Credit Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Departme enter "0". When computing cost per equivalent units, round to the nearest cent. 11,684 529,184 629,884 655,040 Total units accounted for by the Roasting Department Lui Coffee Company Cost of Production Report-Roasting Department For the Month Ended March 31 ? Whole Units Equivalent Units Direct Materials Equivale Conve

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Description: Cost of Production ReportLui Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the RoastinRoasting Department, coffee beans are then transferred to the Packing Department. The following is a partial weRoas

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lui 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 March 31: ACCOUNT Work in Process—Roasting Department ACCOUNT NO. Date Item Debit Credit BalanceDebit BalanceCredit March 1 Bal., 25,000 units, 10% completed 21,250 31 Direct materials, 600,000 units 450,000 471,250 31 Direct labor 244,600 715,850 31 Factory overhead 415,820 1,131,670 31 Goods transferred, 605,000 units ? 31 Bal., ? units, 45% completed ? 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 "0". When computing cost per equivalent units, round to the nearest cent. Units Whole Units Equivalent UnitsDirect…
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Sunland Furniture Company manufactures living room furniture through two departments: Framing and Upholstering. The company uses the weighted-average method. Materials are entered at the beginning of each process. For May, the following cost data are obtained from the two work in process accounts. Work in process, May 1 Materials Conversion costs Costs transferred in Costs transferred out Work in process, May 31 (a) Framing 407,000 Save for Later $0 168.000 Answer the following questions. 320,000 0 114,000 Unit cost of materials for May Upholstering $ $? ? 320,000 320,000 If 3,700 sofas were started into production on May 1 and 2,000 sofas were transferred to Upholstering, what was the unit cost of materials for May in the Framing Department? ? ? Attempts: 0 of 1 used Submit Answer
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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. Date Item Debit Credit Balance Debit Credit July 1 Bal., 30,000 units, 10% completed 121,800 31 Direct materials, 155,000 units 620,000 741,800 31 Direct labor 90,000 831,800 31 Factory overhead 33,272 865,072 31 Goods transferred, 149,000 units ? 31 Bal., ? units, 45% completed ? 2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your…
Lui 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 March 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit March 1 Bal., 25,000 units, 10% completed 21,250 31 Direct materials, 600,000 units 31 Direct labor 450,000 471,250 31 Factory overhead 244,600 415,820 715,850 1,131,670 31 Goods transferred, 605,000 units 31 Bal., ? units, 45% completed ? 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 "0". When computing cost per equivalent units, round to the nearest cent. Lui Coffee Company Cost of Production Report-Roasting Department Units Units charged to production: For the Month Ended…
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