R e cure from Cengage Learning Cest of Production Report e debits to Work in Pro

Question

R e cure from Cengage Learning Cest of Production Report e debits to Work in Process-Roasting Department for SL Arbucks Coffee Company for July 2016, together with concerning production, are as follows: Work in process, July 1, 1,000 pounds, 60% completed Direct materials (1.000 X $3.1) Conversion (1,000 X 60% X $1.2) $3,620 $3,100 94,550 39,988 Coffee beans added during July 31,000 pounds Conversion costs during July Work in process, July 31, 1,600 pounds, 60% completed Goods finished during uly, 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 1. Direct materials and conversion equivalent units of production for July 2. Direct materials and conversion costs per equivalent unit for July 3. Cost of goods finished during July 4. Cost of work in process as July 31, 2016. If an amount is zero, enter in "0", For the cost per equivalent unit, round your answer to two decimal places. St. Artucks Coffee Company Cost of Production Report Roasting Department For the Month Ended July 31, 2016 Usi information Units charged to productions Inventory in process, July 1 Received from materials toreroom Total units accounted for by the Roasting Department Unts to be assigned costs Louivalent Units Materials Conversion Inventory in process, July 1 Started and completed in July Transferred to finished goods in July Inventory in process, July 31 Total units to be assigned costs Cost Information Costs per equivalent unit: Conversion Total costs for July in Roasting Department Total equivalent units Cost per equivalent unt (2) Costs assigned to production: Direct Conversion Total Materials Inventory in process, July 1 Costs incurred in July Total costs accounted for by the Roasting Department Cost allocated to completed and partially completed units: Inventory in process, July 1 balance To complete inventory in process, July 1 Cost of completed July 1 work in process 000 | DOJO Started and completed in July Transferred to finished goods in July (3) Inventory in process, July 31 (4) Total costs assigned by the Roasting Department Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month re). If required, round your answers to the nearest cent. Increase or Decrease Amount mge in direct materials cost per equivalent unit nge in conversion cost per equivalent unit

Explanation / Answer

FIFO method Beggining units 1000 Transferred out 30,400 Started into production 31000 Ending units 1,600 32000 32000 Equivalent units Material Conversion Beginning units 1000 1000 Completion in current period 0% 40% A 0 400 Units started and completed 29400 29400 Completion 100% 100% B 29400 29400 Ending Units 1,600 1,600 Completion 100% 60% C 1600 960 Total units A+B+C 31000 30760 Cost per equivalent units Per unit cost Cost Total units Per unit cost Material cost 94550 31000 3.05 Conversion cost 39988 30760 1.30 Total 134538 4.35 Cost of goods sold Material convertion cost Beginning work in progress A 3100 720 3820 Beginning inventory completed Completion 0% 40% Per unit cost 3.05 1.30 Units 1000 1000 Total cost   B 0 520 520 Units started and completed Completion 100% 100% Per unit cost 3.05 1.30 Units 29400 29400 Total cost    C 89670 38220 127890 Total cost A+B+C 92770 38740 132230 Ending work in progress Completion 100% 60% Per unit cost 3.05 1.30 Units 1,600 1,600 Total cost     4880 1248 6128 Cost per equivalent unit Material Conversion cost For current period 3.05 1.30 For beginning inventory 3.1 1.20 increase (decrease) -0.05 0.100

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