Chapter 20 Work Cakubelor Cost of Production Report Tha debits to work in proces

Question

Chapter 20 Work Cakubelor Cost of Production Report Tha debits to work in process-Roasting Department tor St. A work in protes, July 1, 500 pumus, Ju% cumpelel .EM 20-1 ucks Cottee Company tor July 206, together with Intormation concarning production, are as tollows: 2. Ex.20-3Algo $3,030 iract matarials s0n x s5.4) conversion (5CO X 303% X 2.2) $2,700 4 EX 20.10 ALG 35,317 Conversicen casta during uly work in process, July 31, 800 pounds, 305s completad Goods finished during July, 15,700 pounds 6. PR.20 1A All direct materials are placed in pracess at the beginning of praduction a. Propare a cost ot productlon report, presenting the tellowing computatlon: KL Direct matcrials and convaralon equlvalent unilts of production for Juy 2. Diract matarlals and convaraion coats par equlvalant unit tor July. 3 Ce at gonds tinished during uly 4. Cost of wark in process at Duly 31,2016. ifa'' d'nount is ¿en, erter in ' 0"-For the Ugst per equivalít unit, 'ound you' drisver to tvus d"rial places. For the Month Ended Inventory in proeess, July 1 Reccived from matorial: orerocm Total units accountad tor by the Roasting Departmant Units tu u assigned custs: oversiun Units Malerils Check My Work marc Check My Work use remaining. Prcvious Next Progress: 56 items ssignrnent Score: 33.33% All work uvd. Save ard Exit Submit Assigment for Grading

Explanation / Answer

Cost of Production Report - Roasting Department Unit Information Units Charged to Production Inventory in Process, Jul 1                                           500 Received from Materials Storeroom                                     16,000 Total units accounted for by the Roasting Department                                     16,500 Units to be Assigned Costs: Whole Units Equivalent Units Materials Conversion Costs Inventory in Process, Jul 1                                           500                                                 -                               350 Started & Completed in July                                     15,200                                       15,200                       15,200 Transferred to Finished Goods in July                                     15,700                                       15,200                       15,550 Inventory in Process, Jul 31                                           800                                             800                             240 Total Units to be assigned costs                                     16,500                                       16,000                       15,790 Cost Information Cost per Equivalent Unit: Materials Conversion Costs Total Costs for July in Roasting Department                                       85,600                       36,317 Total Equivalent Units                                       16,000                       15,790 Cost per Equivalent Unit                                            5.35                            2.30 Materials Conversion Costs Total Inventory in Process, Jul 1                         3,030 Cost incurred in July                     121,917 Total Cost Accounted For By the Roasting Department                     124,947 Cost allocated to completed and partially completed units: Inventory in Process, Jul 1                         3,030 To Complete Inventory in Process, Jul 1                                              -                                               805                             805 Cost of Completed July 1, Work in Process                         3,835 Started & Completed in July                                     81,320                                       34,960                     116,280 Transferred to Finished Goods in July                     120,115 Inventory in Process, Jul 31                                       4,280                                             552                         4,832 Total Cost assigned by the Roasting Department                     124,947 Answer b. Materials Conversion Costs Total Cost Per Equivalent Unit - July                                          5.35                                            2.30                            7.65 Cost Per Equivalent Unit - June                                          5.40                                            2.20                            7.60 Difference                                       (0.05)                                            0.10                            0.05 Change in Direct Material Cost per Equivalent Unit Decrease $                                        0.05 Change in Conversion Cost per Equivalent Unit Increase $                                        0.10

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