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, 2016: ACCOUNT Work in Process—Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 10,500 units, 75% completed 21,000 31 Direct materials, 210,400 units 246,800 267,800 31 Direct labor 135,700 403,500 31 Factory overhead 168,630 572,130 31 Goods transferred. 208,900 units ? ? 31 Bal., ? units, 25% completed ? Instructions Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department.

BuyFind

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
BuyFind

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

Solutions

Chapter
Section
Chapter 18, Problem 18.5APR
Textbook Problem

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, 2016:

ACCOUNT Work in Process—Roasting Department ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
Dec. 1 Bal., 10,500 units, 75% completed 21,000
31 Direct materials, 210,400 units 246,800 267,800
31 Direct labor 135,700 403,500
31 Factory overhead 168,630 572,130
31 Goods transferred. 208,900 units ? ?
31 Bal., ? units, 25% completed ?

Instructions

Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department.

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Chapter 18 Solutions

Financial & Managerial Accounting
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