Chegg Study Guided Sc x duction Rep Cost of Production Report: Average Cost Meth

Question

Chegg Study Guided Sc x duction Rep Cost of Production Report: Average Cost Method The increases to work in Process-Roasting Department for Highlands Coffee Company for May as well as information concening production are as work in process, May 1, 1,500 pounds, 10% completed Coffee beans added during May, 92,600 pounds Conversion costs during May Work in process, May 31, 900 pouds, 70% completed Goods finished during Ma 93,200 pounds 19,390 323,710 Prepare a cost of production report, using the average cost method If equired, round cost per equivalent unit answers to the nearest cent Highlands Coffiee Company Cost of Prodaction Rport Roasting Department Unilts to account for duning prduction Inventary in procem, Hay acelved fron units accounted for by the unts to be ansigned cests ranered to finished goods in Hay Inventory n Total unts ts be assignedcts Cots per equivalent unit SAMSUNG

Explanation / Answer

Highlands Coffee Company Cost of Production Report-Roasting Department For the Month Ended May 31 Unit Information Units to account for during production: Inventory in process, May 1 1500 Received from materials storeroom 92600 Total units accounted for by the Roasting Department 94100 Units to be assigned costs: Whole Units Equivalent Units of Production Transferred to finished goods in May 93200 93200 Inventory in process, May 31 900 630 Total units to be assigned costs 94100 93830 Cost Information Costs per equivalent unit: Costs Total costs for May in Roasting Department 469150 Total equivalent units 93830 Cost per equivalent unit 5.00 Costs assigned to production: Inventory in process, May 1 9390 Costs incurred in May 459760 Total costs accounted for by the Roasting Department 469150 Costs allocated to completed and partially completed units: Transferred to finished goods in May 466000 Inventory in process, May 31 3150 Total costs assigned by the Roasting Department 469150

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