Bundle: Financial & Managerial Accounting, Loose-leaf Version, 14th + Working Papers For Warren/reeve/duchac's Corporate Financial Accounting, 14th + ... Financial & Managerial Accounting,
14th Edition
ISBN: 9781337802000
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 17, Problem 17.16EX
Cost of production report
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 1,700 pounds, 20% completed | $ 3,479* | |
| "Direct materials (700×$4.70} | $3,290 | |
| Conversion (700 × 20% × $ 1.35} | 189 | |
| $3,479 | ||
| Coffee beans added during August, 14,300 pounds | 65,780 | |
| Conversion costs during August | 21,942 | |
| Work in process, August 31,400 pounds. 42% completed | ? | |
| Goods finished during August 14,600 pounds | ? |
All direct materials arc placed in process at the beginning of production.
A. Prepare a cost of production report, presenting the following computations:
1. Direct materials and conversion equivalent units of production for August
2. Direct materials and conversion costs per equivalent unit for August
3. Cost of goods finished during August
4. Cost of work in process at August 31
B. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July).
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Cost of Production Report
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, 500 pounds, 20% completed
$2,430*
*Direct materials (500 X $4.50)
$2,250
Conversion (500 X 20% X $1.80)
180
$2,430
Coffee beans added during August, 16,000 pounds
71,200
Conversion costs during August
30,096
Work in process, August 31, 800 pounds, 30% completed
?
Goods finished during August, 15,700 pounds
?
All direct materials are placed in process at the beginning of production.
a. Prepare a cost of production report, presenting the following computations:
Direct materials and conversion equivalent units of production for August
Direct materials and conversion costs per equivalent unit for August
Cost of goods finished during August
Cost of work in process at August 31
If an amount is zero, enter in "0". For…
Cost of Production Report
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, 700 pounds, 20% completed
$3,479*
*Direct materials (700 X $4.70)
$3,290
Conversion (700 X 20% X $1.35)
189
$3,479
Coffee beans added during August, 14,300 pounds
65,780
Conversion costs during August
21,942
Work in process, August 31, 400 pounds, 42% completed
Goods finished during August, 14,600 pounds
All direct materials are placed in process at the beginning of production.
a. Prepare a cost of production report, presenting the following computations:
1. Direct materials and conversion equivalent units of production for August
2. Direct materials and conversion costs per equivalent unit for August
3. Cost of goods finished during August
4. Cost of work in process at August 31
If an amount is zero, enter in "0". For the cost per equivalent unit, round your answer to the…
Cost of Production Report
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, 700 pounds, 20% completed
$2,870*
*Direct materials (700 X $3.80)
$2,660
Conversion (700 X 20% X $1.50)
210
$2,870
Coffee beans added during August, 22,000 pounds
82,500
Conversion costs during August
35,216
Work in process, August 31, 1,100 pounds, 50% 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:
Direct materials and conversion equivalent units of production for August
Direct materials and conversion costs per equivalent unit for August
Cost of goods finished during August
Cost of work in process at August 31
If an amount is zero, enter in "0". For…
Chapter 17 Solutions
Bundle: Financial & Managerial Accounting, Loose-leaf Version, 14th + Working Papers For Warren/reeve/duchac's Corporate Financial Accounting, 14th + ... Financial & Managerial Accounting,
Ch. 17 - Which type of cost system, process or job order,...Ch. 17 - In job order cost accounting, the three elements...Ch. 17 - In a job order cost system, direct labor and...Ch. 17 - Why is the cost per equivalent unit often...Ch. 17 - What is the purpose for determining the cost per...Ch. 17 - Rameriz Company is a process manufacturer with two...Ch. 17 - Prob. 7DQCh. 17 - Prob. 8DQCh. 17 - How docs lean manufacturing differ from the...Ch. 17 - Job order versus process costing Which of the...
Ch. 17 - Units to be assigned costs Oak Ridge Steel Company...Ch. 17 - Equivalent units of materials cost The Rolling...Ch. 17 - Equivalent units of conversion costs The Rolling...Ch. 17 - Cost per equivalent unit The cost of direct...Ch. 17 - Cost of units transferred out and ending work in...Ch. 17 - Process cost journal entries In July, the cost of...Ch. 17 - Analyzing changes in unit costs The Costs of...Ch. 17 - Entries for materials cost flows in a process cost...Ch. 17 - Flowchart of accounts related to service and...Ch. 17 - Entries for flow of factory costs for process cost...Ch. 17 - Factory overhead rate, entry for applying factory...Ch. 17 - Equivalent units of production The Converting...Ch. 17 - Equivalent units of production Units of production...Ch. 17 - Equivalent units of production The following...Ch. 17 - Costs per equivalent unit A. Based upon the data...Ch. 17 - Prob. 17.9EXCh. 17 - Costs per equivalent unit Georgia Products Inc....Ch. 17 - Equivalent units of production and related costs...Ch. 17 - Cost of units completed and in process A. Based on...Ch. 17 - Errors in equivalent unit computation Napco...Ch. 17 - Cost per equivalent unit The following information...Ch. 17 - Costs per equivalent unit and production costs...Ch. 17 - Cost of production report The debits to Work in...Ch. 17 - Cost of production report The Cutting Department...Ch. 17 - Cost of production and journal entries AccuBlade...Ch. 17 - Cost of production and journal entries Lighthouse...Ch. 17 - Prob. 17.20EXCh. 17 - Lean manufacturing The following are some quotes...Ch. 17 - Equivalent units of production: average cost...Ch. 17 - Equivalent units of production: average cost...Ch. 17 - Equivalent units of production: average cost...Ch. 17 - Equivalent units of production and related costs...Ch. 17 - Cost per equivalent unit: average cost method The...Ch. 17 - Prob. 17.27EXCh. 17 - Cost of production report: average cost method...Ch. 17 - Entries for process cost system Port Ormond Carpet...Ch. 17 - Cost of production report Hana Coffee Company...Ch. 17 - Equivalent units and related costs; cost of...Ch. 17 - Work in process account data for two months; cost...Ch. 17 - Cost of production report: average cost method...Ch. 17 - Entries for process cost system Preston Grover...Ch. 17 - Cost of production report Bavarian Chocolate...Ch. 17 - Prob. 17.3BPRCh. 17 - Work in process account data for two months; cost...Ch. 17 - Prob. 17.5BPRCh. 17 - Analyzing process cost elements across product...Ch. 17 - Prob. 2ADMCh. 17 - Prob. 3ADMCh. 17 - Ethics in Action You arc the Cookie division...Ch. 17 - Prob. 17.3TIF
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Transferred-In Cost Powers Inc. produces a protein drink. The product is sold by the gallon. The company has two departments: mixing and bottling. For August, the bottling department had 70,000 gallons in beginning inventory (with transferred-in costs of 283,000) and completed 262,500 gallons during the month. Further, the mixing department completed and transferred out 240,000 gallons at a cost of 957,000 in August. Required: 1. Prepare a physical flow schedule for the bottling department. 2. Calculate equivalent units for the transferred-in category. 3. Calculate the unit cost for the transferred-in category.arrow_forwardTransferred-In Cost Vigor Inc. produces an energy drink. The product is sold by the quart. The company has two departments: mixing and bottling. For May, the bottling department had 30,000 quarts in beginning inventory (with transferred-in costs of 63,000) and completed 140,000 quarts during the month. Further, the mixing department completed and transferred out 120,000 gallons at a cost of 237,000 in May. Required: 1. Prepare a physical flow schedule for the bottling department. 2. Calculate equivalent units for the transferred-in category. 3. Calculate the unit cost for the transferred-in category.arrow_forwardAlgers Company produces dry fertilizer. At the beginning of the year, Algers had the following standard cost sheet: Algers computes its overhead rates using practical volume, which is 54,000 units. The actual results for the year are as follows: a. Units produced: 53,000 b. Direct materials purchased: 274,000 pounds at 2.50 per pound c. Direct materials used: 270,300 pounds d. Direct labor: 40,100 hours at 17.95 per hour e. Fixed overhead: 161,700 f. Variable overhead: 122,000 Required: 1. Compute price and usage variances for direct materials. 2. Compute the direct labor rate and labor efficiency variances. 3. Compute the fixed overhead spending and volume variances. Interpret the volume variance. 4. Compute the variable overhead spending and efficiency variances. 5. Prepare journal entries for the following: a. The purchase of direct materials b. The issuance of direct materials to production (Work in Process) c. The addition of direct labor to Work in Process d. The addition of overhead to Work in Process e. The incurrence of actual overhead costs f. Closing out of variances to Cost of Goods Soldarrow_forward
- Work in process account data for two months; cost of production reports Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in ProcessFilling on April 1 and debits to the account during April were as follows: During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed. Charges to Work in ProcessFilling for May were as follows: During May, the units in process at the beginning of the month were completed, and of the 9,600 units entering the department, all were completed except 300 units that were 35% completed. Instructions 1. Enter the balance as of April 1, in a four-column account for Work in ProcessFilling. Record the debits and the credits in the account for April. Construct a cost of production report, and present computations for determining (A) equivalent units of production for materials and conversion, B) costs per equivalent unit, (C) cost of goods finished, differentiating between units started in the prior period and units started and finished in April, and (d) work in process inventory. 2. Provide the same information for May by recording the May transactions in the four-column work in process account. Construct a cost of production report, and present the May computations (A through D) listed in part (1). 3. Comment on the change in costs per equivalent unit for March through May for direct materials and conversion costs.arrow_forwardCost of Production Report 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, 20% completed $3,312* *Direct materials (900 X $3.40) $3,060 Conversion (900 X 20% X $1.40) 252 $3,312 Coffee beans added during August, 28,000 pounds 93,800 Conversion costs during August 42,240 Work in process, August 31, 1,400 pounds, 60% 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: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0".…arrow_forwardCost of Production Report 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, 1,000 pounds, 10% completed $3,740* *Direct materials (1,000 X $3.60) Conversion (1,000 X 10% X $1.40) < $3,600 140 $3,740 Coffee beans added during August, 31,000 pounds Conversion costs during August Work in process, August 31, 1,600 pounds, 30% completed Goods finished during August, 30,400 pounds All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: 1. Direct materials and conversion equivalent units of production for August 2. Direct materials and conversion costs per equivalent unit for August 3. Cost of goods finished during August 4. Cost of work in process at August 31 If an amount is zero, enter in "0". For the cost per equivalent unit, round your answer to two decimal…arrow_forward
- 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, 500 pounds, 10% completed $2,263* *Direct materials (500 × $4.40) $2,200 Conversion (500 × 10% × $1.26) 63 $2,263 Coffee beans added during August, 10,214 pounds 42,899 Conversion costs during August 14,255 Work in process, August 31, 314 pounds, 42% completed ? Goods finished during August, 10,400 pounds ? All direct materials are placed in process at the beginning of production. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct…arrow_forwardCost of Production Report 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, 500 pounds, 20% completed *Direct materials (500 x $4.00) Conversion (500 x 20% x $1.60) Coffee beans added during August, 16,000 pounds Conversion costs during August Work in process, August 31, 800 pounds, 50% completed Goods finished during August, 15,700 pounds All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: 1. Direct materials and conversion equivalent units of production for August 2. Direct materials and conversion costs per equivalent unit for August 3. Cost of goods finished during August 4. Cost of work in process at August 31 Units Units charged to production: Inventory in process, August 1 Received from materials storeroom Total units accounted for by the…arrow_forwardPrint Item Cost of Production Report 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, 700 pounds, 20% completed $ 3,479* *Direct materials (700 X $4.70) $3,290 Conversion (700 X 20% X $1.35) 189 $3,479 Coffee beans added during August, 14,300 pounds 65,780 Conversion costs during August 21,942 Work in process, August 31, 400 pounds, 42% completed ? Goods finished during August, 14,600 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero,…arrow_forward
- 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, 600 pounds, 30% completed $3,222* *Direct materials (600 X $4.80) $2,880 Conversion (600 X 30% X $1.90) 342 $3,222 Coffee beans added during August, 19,000 pounds 90,250 Conversion costs during August 37,840 Work in process, August 31, 1,000 pounds, 50% completed ? Goods finished during August, 18,600 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0". For the cost per equivalent…arrow_forwardThe 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, 600 pounds, 30% completed $3,222* *Direct materials (600 X $4.80) $2,880 Conversion (600 X 30% X $1.90) 342 $3,222 Coffee beans added during August, 19,000 pounds 90,250 Conversion costs during August 37,840 Work in process, August 31, 1,000 pounds, 50% completed ? Goods finished during August, 18,600 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0". For the cost per equivalent…arrow_forwardThe 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, 20% completed $ 3,479* *Direct materials (700 X $4.70) $3,290 Conversion (700 X 20% X $1.35) 189 $3,479 Coffee beans added during August, 14,300 pounds 65,780 Conversion costs during August 21,942 Work in process, August 31, 400 pounds, 42% completed ? Goods finished during August, 14,600 pounds ? All direct materials are placed in process at the beginning of production. a. Prepare a cost of production report, presenting the following computations: Direct materials and conversion equivalent units of production for August Direct materials and conversion costs per equivalent unit for August Cost of goods finished during August Cost of work in process at August 31 If an amount is zero, enter in "0". For the cost per equivalent…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning
Cost Accounting - Definition, Purpose, Types, How it Works?; Author: WallStreetMojo;https://www.youtube.com/watch?v=AwrwUf8vYEY;License: Standard YouTube License, CC-BY