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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 account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Bal., 7,00o units, 80% completed 31 Direct materials, 280,000 units July 15,960 532,000 547,960 31 Direct labor 112,100 660,060 31 Factory overhead 31 Goods transferred, 281,000 units 31 Bal., 2 units, s0% completed 28,000 688,060 Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does not require an entry, leave it blank. When computing cost per equivalent units, round to two decimal places. Mochaccino Express ffee Company Cost of Production Report-Roasting Department For the Month Ended Julv 31

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 account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Bal., 7,00o units, 80% completed 31 Direct materials, 280,000 units July 15,960 532,000 547,960 31 Direct labor 112,100 660,060 31 Factory overhead 31 Goods transferred, 281,000 units 31 Bal., 2 units, s0% completed 28,000 688,060 Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does not require an entry, leave it blank. When computing cost per equivalent units, round to two decimal places. Mochaccino Express ffee Company Cost of Production Report-Roasting Department For the Month Ended Julv 31

FINANCIAL ACCOUNTING
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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Could you please proof all my calculations. I think all my convesions are wrong.  Thank you

Cost of Production Report 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 account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department ACCOUNT No. Balance Date Item Debit Credit Debit Credit 1 Bal., 7,00o units, 80% completed 31 Direct materials, 280,000 units July 15,960 532,000 547,960 31 Direct labor 112,100 660,060 31 Factory overhead 28,000 688,060 31 Goods transferred, 281,000 units 31 Bal., 2 units, 80% completed Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does not require an entry, leave it blank. when computing cost per equivalent units, round to two decimal places. Mochaccino Express Coffee Company Cost of Production Report-Roasting Department For the Month Ended July 31 Unit Information Units charged to production: Inventory in process, July 1 7.000 Received from materials storeroom 280.000 Total units accounted for by the Roasting Department 207.000 Units to be assigned costs: Equivalent Units Whole Direct Materials Units Conversion Inventory in process, July 1 7.000 1.400 Started and completed in July 274.000 274,00o 274.00o Transferred to Packing Department in July 281,000 274.000 275,400 Inventory in process, July 31 6.000 6.000 4.800 Total units to be assigned costs 207.000 280.000 280.200 Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for July in Roastina Department 532,000 140.100 Total equivalent units 280.00o 280,200 Cost per equivalent unit 1.90 1.76 Costs charged to production: Direct Materials Conversion Total Inventory in process, July 1 15,960 Costs incurred in Julv 646.90o
Transcribed Image Text:Cost of Production Report 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 account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department ACCOUNT No. Balance Date Item Debit Credit Debit Credit 1 Bal., 7,00o units, 80% completed 31 Direct materials, 280,000 units July 15,960 532,000 547,960 31 Direct labor 112,100 660,060 31 Factory overhead 28,000 688,060 31 Goods transferred, 281,000 units 31 Bal., 2 units, 80% completed Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount box does not require an entry, leave it blank. when computing cost per equivalent units, round to two decimal places. Mochaccino Express Coffee Company Cost of Production Report-Roasting Department For the Month Ended July 31 Unit Information Units charged to production: Inventory in process, July 1 7.000 Received from materials storeroom 280.000 Total units accounted for by the Roasting Department 207.000 Units to be assigned costs: Equivalent Units Whole Direct Materials Units Conversion Inventory in process, July 1 7.000 1.400 Started and completed in July 274.000 274,00o 274.00o Transferred to Packing Department in July 281,000 274.000 275,400 Inventory in process, July 31 6.000 6.000 4.800 Total units to be assigned costs 207.000 280.000 280.200 Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for July in Roastina Department 532,000 140.100 Total equivalent units 280.00o 280,200 Cost per equivalent unit 1.90 1.76 Costs charged to production: Direct Materials Conversion Total Inventory in process, July 1 15,960 Costs incurred in Julv 646.90o
w . .. Inventory in process, July 1 15,960 Costs incurred in July 646,900 Total costs accounted for by the Roasting Department 662,860 Cost allocated to completed and partially completed units: Inventory in process, July 1 balance 15,960 To complete inventory in process, July 1 2,464 2,464 Cost of completed July 1 work in process 18,424 Started and completed in July 581,400 538,560 1,119,960 Transferred to Packing Department in July 1,138,384 Inventory in process, July 31 11,400 10,560 21,960 Total costs assigned by the Roasting Department 1,160,344 2. Assuming that the July 1 work in process inventory includes $12,600 of direct materials, determine the increase or decrease materials and conversion between June and July. If required, round your answers to the nearest cent. Increase or Decrease Amount Change in direct materials cost per equivalent unit Increase v 0.05 x Change in conversion cost per equivalent unit Decrease
Transcribed Image Text:w . .. Inventory in process, July 1 15,960 Costs incurred in July 646,900 Total costs accounted for by the Roasting Department 662,860 Cost allocated to completed and partially completed units: Inventory in process, July 1 balance 15,960 To complete inventory in process, July 1 2,464 2,464 Cost of completed July 1 work in process 18,424 Started and completed in July 581,400 538,560 1,119,960 Transferred to Packing Department in July 1,138,384 Inventory in process, July 31 11,400 10,560 21,960 Total costs assigned by the Roasting Department 1,160,344 2. Assuming that the July 1 work in process inventory includes $12,600 of direct materials, determine the increase or decrease materials and conversion between June and July. If required, round your answers to the nearest cent. Increase or Decrease Amount Change in direct materials cost per equivalent unit Increase v 0.05 x Change in conversion cost per equivalent unit Decrease
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