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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., 13,700 units, 75% completed 59,869
31 Direct materials, 237,000 units 587,760 647,629
31 Direct labor 319,870 967,499
31 Factory overhead 460,301 1,427,800
31 Goods transferred, 239,100 units ? ?
31 Bal., ? units, 25% 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

unit information
inventory in process,december 1 13,700
received from materials storeroom 237,000
total units accounted for 250,700
Whole Equivalent units
units of production
units to be assigned costs
transferred to packing department 239,100 239,100
inventory in process,december31 11,600 2900
total units to be assinged costs 250,700 242,000
Cost Information
Unit costs:
costs
total costs for december in roasting deptt 1,427,800
total equivalent units 242,000
cost per equivalent units 5.9
Costs charged to production:
inventory in process,december 1 59,869
costs incurred in december 1,367,931
total costs accounted for by roasting deptt 1,427,800
costs allocated to completed &partially
transferred to packing deptt in december 1410690
inventory in process,december 31 17110
total costs assigned by roasting deptt 1427800

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