FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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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
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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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