Concept explainers
The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows:
Work in process, August 1, 500 pounds, 10% completed | $2,212* | |||
*Direct materials (500 × $4.30) | $2,150 | |||
Conversion (500 × 10% × $1.24) | 62 | |||
$2,212 | ||||
Coffee beans added during August, 10,214 pounds | 41,877 | |||
Conversion costs during August | 15,094 | |||
Work in process, August 31, 314 pounds, 42% completed | ? | |||
Goods finished during August, 10,400 pounds | ? |
All direct materials are placed in process at the beginning of production.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
-
Prepare a cost of production report, presenting the following computations:
- Direct materials and conversion equivalent units of production for August
- Direct materials and conversion costs per equivalent unit for August
- Cost of goods finished during August
- Cost of work in process at August 31
If an amount is zero, enter "0". Round the answers in units to the nearest whole number, the answer for the cost per equivalent unit to the nearest cent, and the other monetary answers to the nearest whole dollar.
Morning Brew Coffee Company Cost of Production Report-Roasting Department For the Month Ended August 31 UNITS Equivalent Units Whole
UnitsDirect
Materials
(1)Conversion
(1)Units charged to production: Inventory in process, August 1 fill in the blank 2 Received from materials storeroom fill in the blank 3 Total units accounted for by the Roasting Department fill in the blank 4 Units to be assigned costs: Inventory in process, August 1 fill in the blank 5 fill in the blank 6 fill in the blank 7 Started and completed in August fill in the blank 8 fill in the blank 9 fill in the blank 10 Transferred to finished goods in August fill in the blank 11 fill in the blank 12 fill in the blank 13 Inventory in process, August 31 fill in the blank 14 fill in the blank 15 fill in the blank 16 Total units to be assigned costs fill in the blank 17 fill in the blank 18 fill in the blank 19 COSTS Costs Direct
MaterialsConversion Total Costs per equivalent unit: Total costs for August in Roasting Department $ fill in the blank 20 $ fill in the blank 21 Total equivalent units fill in the blank 22 fill in the blank 23 Cost per equivalent unit (2) $ fill in the blank 24 $ fill in the blank 25 Costs assigned to production: Inventory in process, August 1 $ fill in the blank 26 Costs incurred in August fill in the blank 27 Total costs accounted for by the Roasting Department $ fill in the blank 28 Costs allocated to completed and partially completed units: Inventory in process, August 1–balance $ fill in the blank 29 To complete inventory in process, August 1 $ fill in the blank 30 $ fill in the blank 31 fill in the blank 32 Cost of completed August 1 work in process $ fill in the blank 33 Started and completed in August fill in the blank 34 fill in the blank 35 fill in the blank 36 Transferred to finished goods in August (3) $ fill in the blank 37 Inventory in process, August 31 (4) fill in the blank 38 fill in the blank 39 fill in the blank 40 Total costs assigned by the Roasting Department $ fill in the blank 41 -
Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July). Round your answers to the nearest cent.
Increase or Decrease Amount Change in direct materials cost per equivalent unit $ fill in the blank 43 Change in conversion cost per equivalent unit $ fill in the blank 45
Trending nowThis is a popular solution!
Step by stepSolved in 3 steps with 4 images
The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows:
Work in process, August 1, 500 pounds, 10% completed | $2,212* | |||
*Direct materials (500 × $4.30) | $2,150 | |||
Conversion (500 × 10% × $1.24) | 62 | |||
$2,212 | ||||
Coffee beans added during August, 10,214 pounds | 42,899 | |||
Conversion costs during August | 14,046 | |||
Work in process, August 31, 314 pounds, 42% completed | ? | |||
Goods finished during August, 10,400 pounds | ? |
All direct materials are placed in process at the beginning of production.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
-
Prepare a cost of production report, presenting the following computations:
- Direct materials and conversion equivalent units of production for August
- Direct materials and conversion costs per equivalent unit for August
- Cost of goods finished during August
- Cost of work in process at August 31
If an amount is zero, enter "0". Round the answers in units to the nearest whole number, the answer for the cost per equivalent unit to the nearest cent, and the other monetary answers to the nearest whole dollar.
Morning Brew Coffee Company Cost of Production Report-Roasting Department For the Month Ended August 31 UNITS Equivalent Units Whole
UnitsDirect
Materials
(1)Conversion
(1)Units charged to production: Inventory in process, August 1 fill in the blank 2 Received from materials storeroom fill in the blank 3 Total units accounted for by the Roasting Department fill in the blank 4 Units to be assigned costs: Inventory in process, August 1 fill in the blank 5 fill in the blank 6 fill in the blank 7 Started and completed in August fill in the blank 8 fill in the blank 9 fill in the blank 10 Transferred to finished goods in August fill in the blank 11 fill in the blank 12 fill in the blank 13 Inventory in process, August 31 fill in the blank 14 fill in the blank 15 fill in the blank 16 Total units to be assigned costs fill in the blank 17 fill in the blank 18 fill in the blank 19 COSTS Costs Direct
MaterialsConversion Total Costs per equivalent unit: Total costs for August in Roasting Department $ fill in the blank 20 $ fill in the blank 21 Total equivalent units fill in the blank 22 fill in the blank 23 Cost per equivalent unit (2) $ fill in the blank 24 $ fill in the blank 25 Costs assigned to production: Inventory in process, August 1 $ fill in the blank 26 Costs incurred in August fill in the blank 27 Total costs accounted for by the Roasting Department $ fill in the blank 28 Costs allocated to completed and partially completed units: Inventory in process, August 1–balance $ fill in the blank 29 To complete inventory in process, August 1 $ fill in the blank 30 $ fill in the blank 31 fill in the blank 32 Cost of completed August 1 work in process $ fill in the blank 33 Started and completed in August fill in the blank 34 fill in the blank 35 fill in the blank 36 Transferred to finished goods in August (3) $ fill in the blank 37 Inventory in process, August 31 (4) fill in the blank 38 fill in the blank 39 fill in the blank 40 Total costs assigned by the Roasting Department $ fill in the blank 41 -
Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July). Round your answers to the nearest cent.
Increase or Decrease Amount Change in direct materials cost per equivalent unit $ fill in the blank 43 Change in conversion cost per equivalent unit $ fill in the blank 45
The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows:
Work in process, August 1, 500 pounds, 10% completed | $2,212* | |||
*Direct materials (500 × $4.30) | $2,150 | |||
Conversion (500 × 10% × $1.24) | 62 | |||
$2,212 | ||||
Coffee beans added during August, 10,214 pounds | 42,899 | |||
Conversion costs during August | 14,046 | |||
Work in process, August 31, 314 pounds, 42% completed | ? | |||
Goods finished during August, 10,400 pounds | ? |
All direct materials are placed in process at the beginning of production.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
-
Prepare a cost of production report, presenting the following computations:
- Direct materials and conversion equivalent units of production for August
- Direct materials and conversion costs per equivalent unit for August
- Cost of goods finished during August
- Cost of work in process at August 31
If an amount is zero, enter "0". Round the answers in units to the nearest whole number, the answer for the cost per equivalent unit to the nearest cent, and the other monetary answers to the nearest whole dollar.
Morning Brew Coffee Company Cost of Production Report-Roasting Department For the Month Ended August 31 UNITS Equivalent Units Whole
UnitsDirect
Materials
(1)Conversion
(1)Units charged to production: Inventory in process, August 1 fill in the blank 2 Received from materials storeroom fill in the blank 3 Total units accounted for by the Roasting Department fill in the blank 4 Units to be assigned costs: Inventory in process, August 1 fill in the blank 5 fill in the blank 6 fill in the blank 7 Started and completed in August fill in the blank 8 fill in the blank 9 fill in the blank 10 Transferred to finished goods in August fill in the blank 11 fill in the blank 12 fill in the blank 13 Inventory in process, August 31 fill in the blank 14 fill in the blank 15 fill in the blank 16 Total units to be assigned costs fill in the blank 17 fill in the blank 18 fill in the blank 19 COSTS Costs Direct
MaterialsConversion Total Costs per equivalent unit: Total costs for August in Roasting Department $ fill in the blank 20 $ fill in the blank 21 Total equivalent units fill in the blank 22 fill in the blank 23 Cost per equivalent unit (2) $ fill in the blank 24 $ fill in the blank 25 Costs assigned to production: Inventory in process, August 1 $ fill in the blank 26 Costs incurred in August fill in the blank 27 Total costs accounted for by the Roasting Department $ fill in the blank 28 Costs allocated to completed and partially completed units: Inventory in process, August 1–balance $ fill in the blank 29 To complete inventory in process, August 1 $ fill in the blank 30 $ fill in the blank 31 fill in the blank 32 Cost of completed August 1 work in process $ fill in the blank 33 Started and completed in August fill in the blank 34 fill in the blank 35 fill in the blank 36 Transferred to finished goods in August (3) $ fill in the blank 37 Inventory in process, August 31 (4) fill in the blank 38 fill in the blank 39 fill in the blank 40 Total costs assigned by the Roasting Department $ fill in the blank 41 -
Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July). Round your answers to the nearest cent.
Increase or Decrease Amount Change in direct materials cost per equivalent unit $ fill in the blank 43 Change in conversion cost per equivalent unit $ fill in the blank 45
- Cost of Production Report The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 800 pounds, 30% completed $3,400* *Direct materials (800 X $3.80) $3,040 Conversion (800 X 30% X $1.50) 360 $3,400 Coffee beans added during August, 25,000 pounds 93,750 Conversion costs during August 39,440 Work in process, August 31, 1,300 pounds, 30% completed ? Goods finished during August, 24,500 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0".…arrow_forwardThe debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 1,000 pounds, 50% completed $5,750* *Direct materials (1,000 X $4.8) $4,800 Conversion (1,000 X 50% X $1.9) $950 $5,750 Coffee beans added during August, 31,000 pounds 147,250 Conversion costs during August 60,760 Work in process, August 31, 1,600 pounds, 30% completed ? Goods finished during August, 30,400 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0". For the cost per…arrow_forwardQuestion: Materials are added at the beginning of the production process at Santiago Company, which uses a FIFO process costing system. The following information on the physical flow of units is available for the month of April. Beginning work in process (40% complete) $22,500 10,000 units Started in April 50,000 units $255,000 Completed in April and transferred out $240,000 55,000 units Ending work in process 5,000 units (70% $37,500 complete) Compute the equivalent units for the conversion cost calculation. Equivalent units total:arrow_forward
- The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 1,400 units, 75% completed. 22,960*Direct materials (1,400 x $12.65) $17,710 Conversion (1,400 x 75% x $5.00) 5,250 ___________ $22,960 Materials added in January from Weaving Department $742,40058,000 units. Direct labor for January $134,550 Factory Overhead for January $151,611 Goods finished during Janaury…arrow_forwardThe debits to Work in Process—Roasting Department for Daybreak Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 1,200 pounds, 30% completed $5,970* *Direct materials (1,200 × $4.15) $4,980 Conversion (1,200 × 30% × $2.75) 990 $5,970 Coffee beans added during August, 19,800 pounds $81,180 Conversion costs during August 59,334 Work in process, August 31, 900 pounds, 80% completed ? Goods finished during August, 20,100 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount box does not require an entry, leave it…arrow_forwardSubject: acountingarrow_forward
- please answer complete question with detailed workingarrow_forwardCost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 8,200 units, 60% completed *Direct materials (8,200 x $9.80) $101,024* $80,360 Conversion (8,200 × 60% x $4.20) 20,664 $101,024 Materials added during January from Weaving Department, 126,400 units Direct labor for January Factory overhead for January $1,251,360 240,404 293,828 Goods finished during January (includes goods in process, January 1), 127,800 units Work in process, January 31, 6,800 units, 20% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places. Karachi Carpet Company Cost of Production Report-Cutting Department Units Units charged to production: Inventory in process, January 1 For the Month Ended January 31…arrow_forwardCost of Production Report: Average Cost Method 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: ACCOUNT Work in Process—Roasting Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 1 Bal., 10,500 units, 75% completed 21,000 31 Direct materials, 210,400 units 246,800 267,800 31 Direct labor 135,700 403,500 31 Factory overhead 168,630 572,130 31 Goods transferred, 208,900 units ? ? 31 Bal., ? units, 25% completed ? Required: Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department. If required, round your cost per equivalent unit answer to the nearest cent. Sunrise…arrow_forward
- The debits to Work in Process—Roasting Department for Daybreak Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 700 pounds, 30% completed $4,081* *Direct materials (700 X $5.2) $3,640 Conversion (700 X 30% X $2.1) $441 $4,081 Coffee beans added during August, 22,000 pounds $113,300 Conversion costs during August 48,752 Work in process, August 31, 1,100 pounds, 70% completed ? Goods finished during August, 21,600 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount box does not require an entry, leave it blank.…arrow_forwardCost of Production Report The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 900 pounds, 20% completed $3,312* *Direct materials (900 X $3.40) $3,060 Conversion (900 X 20% X $1.40) 252 $3,312 Coffee beans added during August, 28,000 pounds 93,800 Conversion costs during August 42,240 Work in process, August 31, 1,400 pounds, 60% completed ? Goods finished during August, 27,500 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0".…arrow_forwardCost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 10,400 units, 80% completed $128,128* *Direct materials (10,400 × $8.00) $83,200 Conversion (10,400 × 80% × $5.40) 44,928 $128,128 Materials added during January from Weaving Department, 160,000 units $1,304,000 Direct labor for January 387,313 Factory overhead for January 473,382 Goods finished during January (includes goods in process, January 1), 161,800 units — Work in process, January 31, 8,600 units, 35% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places. b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from…arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education