Question
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by...
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. Balance Date Item Debit Credit Debit Credit July 1 Bal., 5,400 units, 2/5 completed 31 Direct materials, 243,000 units 13,932 597,132 714,332 743,580 583,200 117,200 29,248 31 Direct labor 31 Factory overhead 31 Goods transferred, 243,000 units 31 Bal., 2 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 "O". 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:
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 5,400 Received from materials storeroom 243,000 248,400 Total units accounted for by the Roasting Department Units to be assigned costs: Equivalent Units Direct Materials Conversion Whole Units Its Inventory in process, July 1 5,400 3,240 Started and completed in July 237,600 237,600 237,600 Transferred to Packing Department in July 243,000 237,600 240,840 Inventory in process, July 31 5,400 5,400 3,240 Total units to be assigned costs 248,400 243,000 244,080 Cost Information Cost per equivalent unit:
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 $12,420 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. Amount Increase or Decrease Increase Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit Decrease $
Answers
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 5400 Received from materials storeroom 243000 Total units accounted for by the Roasting Department 248400 Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, July 1 5400 0 3240 Started and completed in July 237600 237600 237600 Transferred to Packing Department in July 243000 237600 240840 Inventory in process, July 31 5400 5400 3240 Total units to be assigned costs 248400 243000 244080 Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for July in Roasting Department 583200 146448 Total equivalent units 243000 244080 Cost per equivalent unit 2.40 0.60 Costs charged to production: Direct Materials Conversion Total Inventory in process, July 1 13932 Costs incurred in July 729648 Total costs accounted for by the Roasting Department 743580 Cost allocated to completed and partially completed units: Inventory in process, July 1 balance 13932 To complete inventory in process, July 1 0 1944 1944 Cost of completed July 1 work in process 15876 Started and completed in July 570240 142560 712800 Transferred to Packing Department in July 728676 Inventory in process, July 31 12960 1944 14904 Total costs assigned by the Roasting Department 743580 2 Increase or Decrease Amount Change in direct materials cost per equivalent unit Increase 0.10 =2.4-(12420/5400) Change in conversion cost per equivalent unit Decrease 0.10 =0.6-((13932-12420)/(5400*2/5))
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