Cost of Production Report
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
| ACCOUNT Work in Process—Roasting Department | ACCOUNT NO. | ||||||||
| Date | Item | Debit | Credit | Balance | |||||
| Debit | Credit | ||||||||
| July | 1 | Bal., 5,800 units, 3/5 completed | 14,616 | ||||||
| 31 | Direct materials, 261,000 units | 574,200 | 588,816 | ||||||
| 31 | Direct labor | 124,200 | 713,016 | ||||||
| 31 | Factory overhead | 31,008 | 744,024 | ||||||
| 31 | Goods transferred, 261,000 units | ? | |||||||
| 31 | Bal., ? units, 1/5 completed | ? | |||||||
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.
| Hana Coffee Company | |||
| Cost of Production Report-Roasting Department | |||
| For the Month Ended July 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, July 1 | |||
| Received from materials storeroom | |||
| Total units accounted for by the Roasting Department | |||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials | Conversion | |
| Inventory in process, July 1 | |||
| Started and completed in July | |||
| Transferred to Packing Department in July | |||
| Inventory in process, July 31 | |||
| Total units to be assigned costs | |||
| Cost Information | |||
| Cost per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for July in Roasting Department | $ | $ | |
| Total equivalent units | |||
| Cost per equivalent unit | $ | $ | |
| Costs assigned to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, July 1 | $ | ||
| Costs incurred in July | |||
| Total costs accounted for by the Roasting Department | $ | ||
| Costs allocated to completed and partially completed units: | |||
| Inventory in process, July 1 balance | $ | ||
| To complete inventory in process, July 1 | $ | $ | |
| Cost of completed July 1 work in process | $ | ||
| Started and completed in July | |||
| Transferred to Molding Department in July | $ | ||
| Inventory in process, July 31 | |||
| Total costs assigned by the Roasting Department | $ | ||
Thank you!!
2. Assuming that the July 1 work in process inventory includes $12,180 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your answers to the nearest cent.
| Increase or Decrease | Amount | |
| Change in direct materials cost per equivalent unit | $ | |
| Change in conversion cost per equivalent unit | $ |
In: Accounting
The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows:
| Work in process, August 1, 900 pounds, 40% completed | $4,086* | |||
| *Direct materials (900 X $3.9) | $3,510 | |||
| Conversion (900 X 40% X $1.6) | $576 | |||
| $4,086 | ||||
| Coffee beans added during August, 28,000 pounds | 107,800 | |||
| Conversion costs during August | 47,090 | |||
| Work in process, August 31, 1,400 pounds, 40% completed | ? | |||
| Goods finished during August, 27,500 pounds | ? | |||
All direct materials are placed in process at the beginning of production.
a. Prepare a cost of production report, presenting the following computations:
If an amount is zero, enter in "0". For the cost per equivalent unit, round your answer to two decimal places.
| Morning Brew Coffee Company | |||
| Cost of Production Report-Roasting Department | |||
| For the Month Ended August 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, August 1 | |||
| Received from materials storeroom | |||
| Total units accounted for by the Roasting Department | |||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials (1) | Conversion (1) | |
| Inventory in process, August 1 | |||
| Started and completed in August | |||
| Transferred to finished goods in August | |||
| Inventory in process, August 31 | |||
| Total units to be assigned costs | |||
| Cost Information | |||
| Costs per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for August in Roasting Department | $ | $ | |
| Total equivalent units | |||
| Cost per equivalent unit (2) | $ | $ | |
| Costs assigned to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, August 1 | $ | ||
| Costs incurred in August | |||
| Total costs accounted for by the Roasting Department | $ | ||
| Costs allocated to completed and partially completed units: | |||
| Inventory in process, August 1 balance | $ | ||
| To complete inventory in process, August 1 | $ | $ | |
| Cost of completed August 1 work in process | $ | ||
| Started and completed in August | |||
| Transferred to finished goods in August (3) | $ | ||
| Inventory in process, August 31 (4) | |||
| Total costs assigned by the Roasting Department | $ | ||
b. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July). If required, round your answers to the nearest cent.
| Increase or Decrease | Amount | |
| Change in direct materials cost per equivalent unit | $ | |
| Change in conversion cost per equivalent unit |
In: Accounting
he debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows:
| Work in process, August 1, 700 pounds, 50% completed | $2,870* | |||
| *Direct materials (700 X $3.4) | $2,380 | |||
| Conversion (700 X 50% X $1.4) | $490 | |||
| $2,870 | ||||
| Coffee beans added during August, 22,000 pounds | 73,700 | |||
| Conversion costs during August | 32,865 | |||
| Work in process, August 31, 1,100 pounds, 60% completed | ? | |||
| Goods finished during August, 21,600 pounds | ? | |||
All direct materials are placed in process at the beginning of production.
a. Prepare a cost of production report, presenting the following computations:
If an amount is zero, enter in "0". For the cost per equivalent unit, round your answer to two decimal places.
| Morning Brew Coffee Company | |||
| Cost of Production Report-Roasting Department | |||
| For the Month Ended August 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, August 1 | |||
| Received from materials storeroom | |||
| Total units accounted for by the Roasting Department | |||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials (1) | Conversion (1) | |
| Inventory in process, August 1 | |||
| Started and completed in August | |||
| Transferred to finished goods in August | |||
| Inventory in process, August 31 | |||
| Total units to be assigned costs | |||
| Cost Information | |||
| Costs per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for August in Roasting Department | $ | $ | |
| Total equivalent units | |||
| Cost per equivalent unit (2) | $ | $ | |
| Costs assigned to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, August 1 | $ | ||
| Costs incurred in August | |||
| Total costs accounted for by the Roasting Department | $ | ||
| Costs allocated to completed and partially completed units: | |||
| Inventory in process, August 1 balance | $ | ||
| To complete inventory in process, August 1 | $ | $ | |
| Cost of completed August 1 work in process | $ | ||
| Started and completed in August | |||
| Transferred to finished goods in August (3) | $ | ||
| Inventory in process, August 31 (4) | |||
| Total costs assigned by the Roasting Department | $ | ||
b. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July). If required, round your answers to the nearest cent.
| Increase or Decrease | Amount | |
| Change in direct materials cost per equivalent unit | $ | |
| Change in conversion cost per equivalent unit |
In: Accounting
Cost of Production Report
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
| ACCOUNT Work in Process—Roasting Department | ACCOUNT NO. | ||||||||
| Date | Item | Debit | Credit | Balance | |||||
| Debit | Credit | ||||||||
| July | 1 | Bal., 4,900 units, 2/5 completed | 9,506 | ||||||
| 31 | Direct materials, 220,500 units | 396,900 | 406,406 | ||||||
| 31 | Direct labor | 88,700 | 495,106 | ||||||
| 31 | Factory overhead | 22,140 | 517,246 | ||||||
| 31 | Goods transferred, 221,000 units | ? | |||||||
| 31 | Bal., ? units, 3/5 completed | ? | |||||||
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.
| Hana Coffee Company | |||
| Cost of Production Report-Roasting Department | |||
| For the Month Ended July 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, July 1 | |||
| Received from materials storeroom | |||
| Total units accounted for by the Roasting Department | |||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials | Conversion | |
| Inventory in process, July 1 | |||
| Started and completed in July | |||
| Transferred to Packing Department in July | |||
| Inventory in process, July 31 | |||
| Total units to be assigned costs | |||
| Cost Information | |||
| Cost per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for July in Roasting Department | $ | $ | |
| Total equivalent units | |||
| Cost per equivalent unit | $ | $ | |
| Costs assigned to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, July 1 | $ | ||
| Costs incurred in July | |||
| Total costs accounted for by the Roasting Department | $ | ||
| Costs allocated to completed and partially completed units: | |||
| Inventory in process, July 1 balance | $ | ||
| To complete inventory in process, July 1 | $ | $ | |
| Cost of completed July 1 work in process | $ | ||
| Started and completed in July | |||
| Transferred to Molding Department in July | $ | ||
| Inventory in process, July 31 | |||
| Total costs assigned by the Roasting Department | $ | ||
2. Assuming that the July 1 work in process inventory includes $8,330 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent.
| Increase or Decrease | Amount | |
| Change in direct materials cost per equivalent unit | $ | |
| Change in conversion cost per equivalent unit | $ |
In: Accounting
During the year, Trombley Incorporated has the following inventory transactions.
| Date | Transaction | Number of Units |
Unit Cost |
Total Cost |
| Jan. 1 | Beginning inventory | 16 | $ 18 | $ 288 |
| Mar. 4 | Purchase | 21 | 17 | 357 |
| Jun. 9 | Purchase | 26 | 16 | 416 |
| Nov. 11 | Purchase | 26 | 14 | 364 |
| 89 | $ 1,425 | |||
For the entire year, the company sells 69 units of inventory for $26 each.
1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
| LIFO | Cost of Goods Available for Sale | Cost of Goods Sold | Ending Inventory | ||||||
| # of units | Average Cost per unit | Cost of Goods Available for Sale | # of units | Average Cost per unit | Cost of Goods Sold | # of units | Average Cost per unit | Ending Inventory | |
| Beginning Inventory | |||||||||
| Purchases: | |||||||||
| Mar 04 | |||||||||
| Jun 09 | |||||||||
| Nov 11 | |||||||||
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Total |
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3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Weighted-Average Cost per unit" to 2 decimal places.)
| Weighted Average Cost | Cost of Goods Available for Sale | Cost of Goods Sold - Weighted Average Cost | Ending Inventory - Weighted Average Cost | ||||||
| # of units | Average Cost per unit | Cost of Goods Available for Sale | # of units Sold | Average Cost per Unit | Cost of Goods Sold | # of units in Ending Inventory | Average Cost per unit | Ending Inventory | |
| Beginning Inventory | 16 | $288 | |||||||
| Purchases: | |||||||||
| Mar.4 | 21 | 357 | |||||||
| Jun.9 | 26 | 416 | |||||||
| Nov.11 | 26 | 364 | |||||||
| Total | |||||||||
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In: Accounting
A real estate developer is considering investing in a shopping mall on the outskirts of Atlanta, Georgia. Three parcels of land are being evaluated. Of particular importance is the income in the area surrounding the proposed mall. A random sample of four families is selected near each proposed mall. Following are the sample results. At the .05 significance level, can the developer conclude there is a difference in the mean income? Use the usual six-step hypothesis testing procedure.

In: Other
An audio system 1 produces a sound level of 90.0 dB and system 2 produces a sound level of 93.0 dB. (a) Determine the ratio of the intensities (in W/m 2 ) . (b) Suppose a recording device was placed 2 m away from s ystem 2 . H ow far away from system 1 must that recording device be placed in order for the intensity to be the same as it was near system 2?
In: Physics
Assuming you're considering borrowing $100 million to finance your business for 2 years. One option is to use fixed-rate financing with interest payments on a semi-annual basis. The other alternative is a floating rate financing based on Libor with interest payments on a quarterly basis.
How and when could Libor or other index change to impact the decision? How will the current and near-term economic environment impact your recommendation?
In: Finance
In The Expanse series of science
fiction novels people live in tunnels in the dwarf planet Ceres.
The planet has been given a spin, so that, according to the novels,
it has a “gravity” of 0.3 g. Assume that this is the value in
tunnels close to the surface at the equator.
i) what is the period of rotation?
ii) what is the value of the “gravity” in a tunnel that is near the
surface but half way between the equator and one of the
poles?
no ceres. is the name of the fictional planet. .
In: Physics
When using the Sequencing and Structure Alignment tool, the degree of the structural similarity is shown by the superimposition of the backbones. Accordingly, which of the following statement best describes the comparison of deoxyhemoglobin and oxyhemoglobin?
| A. |
Only slight differences in the backbone traces occur throughout the aligned proteins. |
|
| B. |
The only differences in the backbone traces occur near the oxygen-binding sites. |
|
| C. |
The backbone traces of the proteins are drastically different. |
|
| D. |
The backbone traces of the proteins are identical. |
In: Chemistry