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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., 16,200 units, 75% completed 75,492
31 Direct materials, 280,300 units 742,795 818,287
31 Direct labor 403,628 1,221,915
31 Factory overhead 580,830 1,802,745
31 Goods transferred, 282,700 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 charged to 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
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 $

Solutions

Expert Solution

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 16200
Received from materials storeroom 280300
Total units accounted for by the Roasting Department 296500
Units to be assigned costs:
Whole Units Equivalent Units of Production
Transferred to Packing Department in December 282700 282700
Inventory in process, December 31 13800 3450
Total units to be assigned costs 296500 286150
Cost Information
Cost per equivalent unit:
Costs
Total costs for December in Roasting Department 1802745
Total equivalent units 286150
Cost per equivalent unit 6.3
Costs assigned to production:
Inventory in process, December 1 75492
Costs incurred in December 1727253
Total costs accounted for by the Roasting Department 1802745
Costs allocated to completed and partially completed units:
Transferred to Packing Department in December 1781010 =282700*6.3
Inventory in process, December 31 21735 =3450*6.3
Total costs assigned by the Roasting Department 1802745

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