Question

Cost of Production Report: Weighted average 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., 14,900 units, 40% completed				29,800
	31	Direct materials, 257,800 units	291,314			321,114
	31	Direct labor	168,816			489,930
	31	Factory overhead	242,931			732,861
	31	Goods transferred, 260,000 units			?	?
	31	Bal., ? units, 90% completed

Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process—Roasting Department. Assume that direct materials are placed in process during production. If required, round your cost per equivalent unit answer to two decimal places

Sunrise Coffee Company
Cost of Production Report-Roasting Department
For the Month Ended December 31
Unit Information
Units charged to production:
Inventory in process, December 1		14900
Received from materials storeroom		257,800
Total units accounted for by the Roasting Department		272,700
Units to be assigned costs:

Whole Units	Equivalent Units of Production
Transferred to Packing Department in December
Inventory in process, December 31
Total units to be assigned costs
Cost Information
Cost per equivalent unit:
		Costs
Total costs for December in Roasting Department		$
Total equivalent units
Cost per equivalent unit		$
Costs assigned to production:
Inventory in process, December 1		$
Costs incurred in December
Total costs accounted for by the Roasting Department		$
Costs allocated to completed and partially completed units:
Transferred to Packing Department in December		$
Inventory in process, December 31
Total costs assigned by the Roasting Department

Whole Units	Equivalent Units of Production
Transferred to Packing Department in December
Inventory in process, December 31
Total units to be assigned costs
Cost Information
Cost per equivalent unit:
		Costs
Total costs for December in Roasting Department		$
Total equivalent units
Cost per equivalent unit		$
Costs assigned to production:
Inventory in process, December 1		$
Costs incurred in December
Total costs accounted for by the Roasting Department		$
Costs allocated to completed and partially completed units:
Transferred to Packing Department in December		$
Inventory in process, December 31
Total costs assigned by the Roasting Department

?

Answer 1

Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process—Roasting Department. Assume that direct materials are placed in process during production. If required, round your cost per equivalent unit answer to two decimal places

Sunrise Coffee Company
Cost of Production Report-Roasting Department
For the Month Ended December 31
Unit Information
Units charged to production:
Inventory in process, December 1		14900
Received from materials storeroom		257,800
Total units accounted for by the Roasting Department		272,700
Units to be assigned costs:

	Whole Unitt	Equivalent unit
Transferred to Packing Department in December	260000	260000
Inventory in process, December 31	12700	12700*60% =
Total units to be assigned costs	272700	267620
Cost Information
Cost per equivalent unit:
Total costs for December in Roasting Department		732861
Total equivalent units		267620
Cost per equivalent unit		2.74
Costs assigned to production:
Inventory in process, December 1		29800
Costs incurred in December		703061
Total costs accounted for by the Roasting Department		732861
Costs allocated to completed and partially completed units:
Transferred to Packing Department in December		712400
Inventory in process, December 31		20879
Total costs assigned by the Roasting Department		733279