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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., 19,000 units, 30% completed 68,970
31 Direct materials, 328,700 units 677,122 746,092
31 Direct labor 386,163 1,132,255
31 Factory overhead 555,697 1,687,952
31 Goods transferred, 331,600 units ? ?
31 Bal., ? units, 80% 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 $

Thank you!!

Solutions

Expert Solution

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 19000
Received from materials storeroom 328700
Total units accounted for by the Roasting Department 347700
Units to be assigned costs:
Whole Units Equivalent Units of Production
Transferred to Packing Department in December 331600 331600
Inventory in process, December 31 16100 12880
Total units to be assigned costs 347700 344480
Cost Information
Cost per equivalent unit:
Costs
Total costs for December in Roasting Department $ 1,687,952.00
Total equivalent units 344480
Cost per equivalent unit $                4.90
Costs assigned to production:
Inventory in process, December 1 $       68,970.00
Costs incurred in December $ 1,618,982.00
Total costs accounted for by the Roasting Department $ 1,687,952.00
Costs allocated to completed and partially completed units:
Transferred to Packing Department in December $ 1,624,840.00
Inventory in process, December 31 $       63,112.00
Total costs assigned by the Roasting Department $ 1,687,952.00

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