Chapter 03 Homework (Application) eBook Cost of Production Report Hana Coffee Co

Question

Chapter 03 Homework (Application) eBook 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 Department. The following is a partial work in cess account of the Roasting Department at ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Date Item DebitCredit uly 1 Bal, 6,300 units, 4/5 completed 31 Direct materials, 283,500 units 31 Direct labor 31 Factory averhead 31 Goods transferred, 284,000 units 1 Ba, 2 units, 2/s comgleted 24,696 960,246 1.140,246 1,185,270 935,550 180,000 5,024 Required L. Prepare a cost of production report, and identify the missing amounts for Work in Process ir an amount is zero, enter ar when computing cost per equlvalent units, round to two decimal Hana Coffee Company Cost of Production Report-Roasting Department Units charged to production Inventory in procen, July Received fo materials storeroom otal units ocounited for by the Roasting Desartment Units to be asigned costs 181,500 Whole Direct Previous Next All work saved. MacBook Air

Explanation / Answer

Hana 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 6300 Received from Material storeroom 283500 Total units accounted for by the Roasting Department 289800 Units to be assigned costs Equivalent Units Whole Units Direct Materials Conversion Inventory in process, July 1, 80% completed 6300 1260 Started and completed in July 277700 277700 277700 Transferred to Packing Department in July 284000 277700 278960 Inventory In process, July 31 5800 5800 2320 Total Units to be assigned costs 289800 283500 281280 (289800-284000) = 5800 283500-5800 = 277700 Cost Information Direct Materials Conversion Total costs for July in Roasting Department 935550 225024 (180000+45024) Total Equivalent Units 283500 281280 Costs per equivalent unit 3.30 0.80 Costs assigned to production Direct Materials Conversion Total Inventory in process, July 1 $24,696 Costs incurred in July 1160574 Total costs accounted for by the Roasting Department $1,185,270 Costs allocated to completed and partially completed units Inventory in process, July 1 $24,696 To Complete inventory in process, July 1 1008 (1260*0.80) Cost of completed July 1 work in process $25,704 Started and completed in July 916410 222160 1138570 Transferred to Molding Department $1,164,274 Inventory in process, July 31 19140 1856 20996 Total Costs assigned by the Roasting Department $1,185,270 b Materials Current Period $3.30 Beginning Inventory $3.20 (20160/6300) 3.2 Increase $0.10 Conversion Current Period 0.8 Beginning Inventory 0.9 (24696-20160)/(6300*80%) Decrease -0.1

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