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Cost of Production Report: Average Cost Method Sunrise Coffee Company roasts and packs coffee beans. The...

Cost of Production Report: Average Cost 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., 15,600 units, 25% completed 57,720
31 Direct materials, 269,900 units 566,790 624,510
31 Direct labor 322,410 946,920
31 Factory overhead 463,955 1,410,875
31 Goods transferred, 272,200 units ? ?
31 Bal., ? units, 75% completed ?

Required:

Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department. 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 to account for during production:
Inventory in process, December 1
Received from materials storeroom
Total units accounted for by the Roasting Department
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
Unit costs:
Costs
Total costs for December in Roasting Department $
Total equivalent units
Cost per equivalent unit $
Costs charged 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

Solutions

Expert Solution

UNITS TO ACCOUNT FOR:
Beginning Work in Process units 15,600
Add: Units Started in Process 269,900
Total Units to account for: 285,500
Equivalent Units:
Whole units TOTAL
% Completion Units
Transferred to packing deptt 272200 100% 272,200
Ending Work in Process 13300 75% 9,975
Total Equivalent units 285500 282,175
TOTAL COST TO ACCOUNT FOR:
COST PER EQUIVALENT UNIT:
total
Total cost added during the year 1,410,875
Equivalent Units 282,175
Cost per Equivalent unit 5
Cost charged to production: Total
Inventory in Beg. 57720
Current cocst of manufacture 1353155
Total cost to be accounted for: 1410875
Cost allocated to completed and partially completed units:
Cost of units transferred to packing deptt 1361000
Inventory in process in Dec 31 49875
Total cost assigned in Roasting 1410875

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