Fresh Mountain 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, 2016: INSTRUCTIONS Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. ANSWER ↓ Check Figure: Conversion cost per equivalent unit, $0.80 Assuming that the March 1 work in process inventory includes $5,700 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March.

Fresh Mountain 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, 2016: INSTRUCTIONS Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. ANSWER ↓ Check Figure: Conversion cost per equivalent unit, $0.80 Assuming that the March 1 work in process inventory includes $5,700 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March.

Name: Fresh Mountain Coffee Company roasts and packs coffee beans. The proce
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Fresh Mountain 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 partia

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 3PB: Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is...

See similar textbooks

Similar questions

The Bottling Department of Mountain Springs Water Company had 4,400 liters in beginning work in process inventory (25% complete). During the period, 55,400 liters were completed. The ending work in process inventory was 3,000 liters (65% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method? what are the equivalent units for conversion costs
The Bottling Department of Mountain Springs Water Company had 5,300 liters in beginning work in process inventory (20% complete). During the period, 58,100 liters were completed. The ending work in process inventory was 3,200 liters (60% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method? equivalent units All work saved. 1 Previous Next > Submit Test for Grading D
The Bottling Department of Mountain Springs Water Company had 5,300 liters in beginning work in process inventory (30% complete). During the period, 56,800 liters were completed. The ending work in process inventory was 3,100 liters (60% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method?fill in the blank 1 equivalent units
The Bottling Department of Mountain Springs Water Company had 5, 600 liters in beginning work in process inventory (25% complete). During the period, 56, 400 liters were completed. The ending work in process inventory was 2,700 liters (65 complete). What are the equivalent units for conversion costs under the FIFO method? ----- equivalent units
Calculating conversion costs and unit cost—FIFO methodSpring Fresh produces premium bottled water. Spring Fresh purchases artesian Water, stores the water in large tanks, and then runs the water through two processes: filtration and bottling. During February, the filtration process incurred the following costs in processing 200,000 liters: Spring Fresh had no beginning Work-in-Process Inventory in the Filtration Department in February. Requirements Use the FIFO method to compute the February conversion costs in the Filtration Department. The Filtration Department completely processed 200,000 liters in February. Use the FIFO method to determine the filtration cost per liter.
Stormrage company has two processing departments. Units begin in the Firing Department and then are transferred to the Molding Department. Once the units are completed in Molding, the units move to the finished goods warehouse where they remain until sold. Which of the following is the correct journal entry to record $367,000 of units transferred out of Molding? a. Work in Process - Molding Work in Process - Firing b. C. d. Work in Process - Firing Work in Process - Molding Finished Goods Work in Process - Molding Work in Process - Molding Finished Goods 367,000 367,000 367,000 367,000 367,000 367,000 367,000 367,000
Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at December 31:AttachmentInstructionsPrepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department.
Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Units started and completed in Equivalent units conversion Cost of units transferred out production Total units to account for Total ending work in process Ending work in process materials Ending work in process conversion Cost per unit conversion Costs to account for Question: A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Terms Dollars Ending work in process:
The GreenEarth Aluminum Company uses a process cost accounting system to record the costs of manufacturing rolled aluminum. The manufacturing process consists of three processes. The goods-in-process inventory of one of the processes (the rolling department) on September 1, 2018 and debits to the account for September are summarized below: Beginning balance—5,100 units, 1/3 completed: Direct materials (5,100 x 38.70)$ 197,370 Conversion costs (5,100 x 1/3 x 11.72) 19,924 Total beginning balance 217,294 Additional debits during the month: Costs from Smelting Department (162,000 units) 6,240,000 Direct Labor 765,800 Factory Overhead 1,144,000 During the month of September, the 5,100 units in process at the beginning of the month were completed, and of the 162,000 units entering the department from Smelting, all were completed except 5,400 units that were 4/5 completed (hint—remember the materials are the items transferred from the Smelting Department). A) Determine the number of units…
Recording manufacturing costs in a JIT costing system Lally, Inc. produces universal remote controls. Lally uses a JIT costing system. One of the Company’s products has a standard direct materials cost of $9 per unit and a standard conversion cost of $35 per unit. During January 2018 Lally produced 500 units and sold 495 units on account at $45 each. It purchased $4,800 of direct materials on the account and incurred actual conversion costs totaling $14,000. Requirements Prepare summary journal entries for January. January 1, 2018, the balance of the Raw and In-Process Inventory account was $70. Use a T-account to find the January 31 balance. Use a T-account to determine whether conversion costs are over-allocated or under-allocated for the month. By how much? Prepare the journal entry to adjust the Conversion Costs account.
The GreenEarth Aluminum Company uses a process cost accounting system to record the costs of manufacturing rolled aluminum. The manufacturing process consists of three processes. The goods-in-process inventory of one of the processes (the rolling department) on September 1, 2018 and debits to the account for September are summarized below: Beginning balance—5,100 units, 1/3 completed: Direct materials (5,100 x 38.70)$ 197,370 Conversion costs (5,100 x 1/3 x 11.72) 19,924 Total beginning balance 217,294 Additional debits during the month: Costs from Smelting Department (162,000 units) 6,240,000 Direct Labor 765,800 Factory Overhead 1,144,000 During the month of September, the 5,100 units in process at the beginning of the month were completed, and of the 162,000 units entering the department from Smelting, all were completed except 5,400 units that were 4/5 completed (hint—remember the materials are the items transferred from the Smelting Department). A) Determine the number of units…
Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roast- ing Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at December 31, 2014: ACCOUNT Work in Process–Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Bal., 10,500 units, 75% completed 31 Dec. 21,000 267,800 Direct materials, 210,400 units 31 31 Factory overhead 31 246,800 135,700 Direct labor 403,500 168,630 572,130 Goods transferred, 208,900 units ? ? 31 Bal., ? units, 25% completed ? Instructions Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process-Roasting Department.