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…
Unit Information with BWIP, FIFO Method 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: Production: Units in process, July 1, 70% complete* 10,100 Units completed and transferred out 90,000 Units in process, July 31, 80% complete* 15,000 * With respect to conversion costs. Required: Question Content Area 1. Prepare a physical flow schedule for July. Jackson ProductsPhysical Flow ScheduleFor the Month of July Units to account for: Units, beginning work is process (70% complete) Units started during July Total units to account for fill in the blank 2bb1ebfa004eff9_5 Units accounted for: Units completed and transferred out: Started and completed From beginning work in process From beginning work in…
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Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process-Mixing Department 28,000 June 1 balance Materials Direct labor Overhead June 30 balance Debit 120,000 79,500 97,000 Foundational 5-7 (Static) Credit Completed and transferred to Finished Goods ? The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and $12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 50% complete with respect to conversion. During June, 37,500 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and…
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Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance Debit Foundational 4-14 (Algo) Work in Process-Mixing Department 27,000 154,205 98,500 116,000 ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory includes 4,100 units with $14,700 in materials cost and $12,300 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,600 units were started into production. The June 30 work in process inventory consisted of 9,400 units 100% complete with respect to materials and 50% complete…
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…