Please don't give image format Transferred to finished goods in MarchInventory in process, March 31Total costs assigned by the Roasting Department2. Assuming that the March 1 work in process inventory includes $7,360 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March. If required, round your answers two decimal places.Increase or DecreaseChange in direct materials cost per equivalent unitChange in conversion cost per equivalent unitAmount Cost of Production ReportLui 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 March 31:ACCOUNT Work in Process Roasting DepartmentDate ItemMarch 1 Bal., 4,600 units, 2/5 completed31 Direct materials, 207,000 units31 Direct labor31 Factory overhead31 Goods transferred, 207,000 units31 Bal., 2 units, 3/5 completedCostsUnitsDebit CreditCost per equivalent unit:Total costs for March in Roasting DepartmentTotal equivalent unitsCost per equivalent unitCosts assigned to production:351.900Units charged to production:Inventory in process, March 1Received from materials storeroomTotal units accounted for by the Roasting DepartmentUnits to be assigned costs:Inventory in process, March 1Started and completed in MarchTransferred to Packing Department in MarchInventory in process, March 31Total units to be assigned costsInventory in process, March 1Costs incurred in March66,50016,668Required: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 the nearest cent.Lui Coffee CompanyCost of Production Report-Roasting DepartmentFor the Month Ended March 31?Total costs accounted for by the Roasting DepartmentCosts allocated to completed and partially completed units:Inventory in process, March 1 balance.To complete inventory in process, March 1Cost of completed March 1 work in processStarted and completed in MarchACCOUNT NO.Balance BalanceDebit Credit8,280360,180426,680443,348Whole Units?CostsEquivalent Units Equivalent UnitsDirect Materials ConversionDirect MaterialsConversionTotal

FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in the…

equired: 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 the nearest cent. Units nits charged to production: Inventory in process, March 1 Lui Coffee Company Cost of Production Report-Roasting Department For the Month Ended March 31 Received from materials storeroom Total units accounted for by the Roasting Department nits to be assigned costs: Inventory in process, March 1 Started and completed in March Transferred to Packing Department in March Inventory in process, March 31 otal units to be assigned costs Whole Units Equivalent Units Direct Materials Equivalent Units Conversion

equired: 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 the nearest cent. Units nits charged to production: Inventory in process, March 1 Lui Coffee Company Cost of Production Report-Roasting Department For the Month Ended March 31 Received from materials storeroom Total units accounted for by the Roasting Department nits to be assigned costs: Inventory in process, March 1 Started and completed in March Transferred to Packing Department in March Inventory in process, March 31 otal units to be assigned costs Whole Units Equivalent Units Direct Materials Equivalent Units Conversion

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 2PA: Cost of production report Hana Coffee Company roasts and packs coffee beans. The process begins by...

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Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
A company manufactures a liquid product called Crystal. The basic ingredients are put into process in Department 1. In Department 2, other materials are added that increase the number of units being processed by 50%. The factory has only two departments. Calculate the following for each department: (a) unit cost for the month for materials, labor, and factory overhead, (b) cost of the units transferred, and (c) cost of the ending work in process.
Equivalent units and related costs; cost of production report; entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in ProcessFilling was as follows on January 1: The following costs were charged to Work in ProcessFilling during January: During January, 53,000 units of specialty chemicals were completed. Work in ProcessFilling Department on January 31 was 2,700 units, 30% completed. Instructions 1. Prepare a cost of production report for the Filling Department for January. 2. Journalize the entries for costs transferred from Reaction to Filling and the costs transferred from Filling to Finished Goods. 3. Determine the increase or decrease in the cost per equivalent unit from December to January for direct materials and conversion costs. 4. Discuss the uses of the cost of production report and the results of part (3).
Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process. b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. d. Started in process, 95,000 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method.
Use the following information for Problems 6-62 and 6-63: Millie Company produces a product that passes through an assembly process and a finishing process. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for June: a. WIP, June 1, had 24,000 units (60% completed) and the following costs: b. During June, 70,000 units were completed and transferred to the finishing department, and the following costs were added to production: c. On June 30, there were 10,000 partially completed units in process. These units were 70% complete. 6-62 Weighted Average Method, Single-Department Analysis Refer to the information for Millie Company above. Required: Prepare a production report for the assembly department for June using the weighted average method of costing. The report should disclose the physical flow of units, equivalent units, and unit costs and should track the disposition of manufacturing costs.
Use the following information for Problems 6-62 and 6-63: Millie Company produces a product that passes through an assembly process and a finishing process. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for June: a. WIP, June 1, had 24,000 units (60% completed) and the following costs: b. During June, 70,000 units were completed and transferred to the finishing department, and the following costs were added to production: c. On June 30, there were 10,000 partially completed units in process. These units were 70% complete. 6-63 (Appendix 6A) First-In, First-Out Method; Single-Department Analysis; One Cost Category Refer to the information for Millie Company above. Required: Prepare a production report for the assembly department for June using the FIFO method of costing. The report should disclose the physical flow of units, equivalent units, and unit costs and should track the disposition of manufacturing costs. (Note: Carry the unit cost computation to four decimal places.)
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