Lui 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 ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit March 1 Bal., 7,500 units, 4/5 completed 23,550 31 Direct materials, 337,500 units 877,500 901,050 31 Direct labor 186,700 1,087,750 31 Factory overhead 46,680 1,134,430 31 Goods transferred, 338,000 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 the nearest cent. Units Whole Units Equivalent Units Direct Materials Equivalent Units Conversion Units charged to production: Inventory in process, March 1 fill in the blank 1 Received from materials storeroom fill in the blank 2 Total units accounted for by the Roasting Department fill in the blank 3 Units to be assigned costs: Inventory in process, March 1 fill in the blank 4 fill in the blank 5 fill in the blank 6 Started and completed in March fill in the blank 7 fill in the blank 8 fill in the blank 9 Transferred to Packing Department in March fill in the blank 10 fill in the blank 11 fill in the blank 12 Inventory in process, March 31 fill in the blank 13 fill in the blank 14 fill in the blank 15 Total units to be assigned costs fill in the blank 16 fill in the blank 17 fill in the blank 18 Costs Direct Materials Conversion Total Cost per equivalent unit: Total costs for March in Roasting Department $fill in the blank 19 $fill in the blank 20 Total equivalent units fill in the blank 21 fill in the blank 22 Cost per equivalent unit $fill in the blank 23 $fill in the blank 24 Costs assigned to production: Inventory in process, March 1 $fill in the blank 25 Costs incurred in March fill in the blank 26 Total costs accounted for by the Roasting Department $fill in the blank 27 Costs allocated to completed and partially completed units: Inventory in process, March 1 balance $fill in the blank 28 To complete inventory in process, March 1 $fill in the blank 29 $fill in the blank 30 fill in the blank 31 Cost of completed March 1 work in process

Lui 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 ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit March 1 Bal., 7,500 units, 4/5 completed 23,550 31 Direct materials, 337,500 units 877,500 901,050 31 Direct labor 186,700 1,087,750 31 Factory overhead 46,680 1,134,430 31 Goods transferred, 338,000 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 the nearest cent. Units Whole Units Equivalent Units Direct Materials Equivalent Units Conversion Units charged to production: Inventory in process, March 1 fill in the blank 1 Received from materials storeroom fill in the blank 2 Total units accounted for by the Roasting Department fill in the blank 3 Units to be assigned costs: Inventory in process, March 1 fill in the blank 4 fill in the blank 5 fill in the blank 6 Started and completed in March fill in the blank 7 fill in the blank 8 fill in the blank 9 Transferred to Packing Department in March fill in the blank 10 fill in the blank 11 fill in the blank 12 Inventory in process, March 31 fill in the blank 13 fill in the blank 14 fill in the blank 15 Total units to be assigned costs fill in the blank 16 fill in the blank 17 fill in the blank 18 Costs Direct Materials Conversion Total Cost per equivalent unit: Total costs for March in Roasting Department $fill in the blank 19 $fill in the blank 20 Total equivalent units fill in the blank 21 fill in the blank 22 Cost per equivalent unit $fill in the blank 23 $fill in the blank 24 Costs assigned to production: Inventory in process, March 1 $fill in the blank 25 Costs incurred in March fill in the blank 26 Total costs accounted for by the Roasting Department $fill in the blank 27 Costs allocated to completed and partially completed units: Inventory in process, March 1 balance $fill in the blank 28 To complete inventory in process, March 1 $fill in the blank 29 $fill in the blank 30 fill in the blank 31 Cost of completed March 1 work in process

Name: Lui Coffee Company roasts and packs coffee beans. The process begins b
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Description: Lui 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 p

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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ACCOUNT ACCOUNT NO.

Date	Item	Debit	Credit	Balance Debit
March 1	Bal., 7,500 units, 4/5 completed			23,550
31	Direct materials, 337,500 units	877,500		901,050
31	Direct labor	186,700		1,087,750
31	Factory overhead	46,680		1,134,430
31	Goods transferred, 338,000 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 the nearest cent.

Units	Whole Units	Equivalent Units Direct Materials	Equivalent Units Conversion
Units charged to production:
Inventory in process, March 1	fill in the blank 1
Received from materials storeroom	fill in the blank 2
Total units accounted for by the Roasting Department	fill in the blank 3
Units to be assigned costs:
Inventory in process, March 1	fill in the blank 4	fill in the blank 5	fill in the blank 6
Started and completed in March	fill in the blank 7	fill in the blank 8	fill in the blank 9
Transferred to Packing Department in March	fill in the blank 10	fill in the blank 11	fill in the blank 12
Inventory in process, March 31	fill in the blank 13	fill in the blank 14	fill in the blank 15
Total units to be assigned costs	fill in the blank 16	fill in the blank 17	fill in the blank 18

Costs	Direct Materials	Conversion	Total
Cost per equivalent unit:
Total costs for March in Roasting Department	$fill in the blank 19	$fill in the blank 20
Total equivalent units	fill in the blank 21	fill in the blank 22
Cost per equivalent unit	$fill in the blank 23	$fill in the blank 24
Costs assigned to production:
Inventory in process, March 1			$fill in the blank 25
Costs incurred in March			fill in the blank 26
Total costs accounted for by the Roasting Department			$fill in the blank 27
Costs allocated to completed and partially completed units:
Inventory in process, March 1 balance			$fill in the blank 28
To complete inventory in process, March 1	$fill in the blank 29	$fill in the blank 30	fill in the blank 31
Cost of completed March 1 work in process			$fill in the blank 32
Started and completed in March	fill in the blank 33	fill in the blank 34	fill in the blank 35
Transferred to finished goods in March			$fill in the blank 36
Inventory in process, March 31	fill in the blank 37	fill in the blank 38	fill in the blank 39
Total costs assigned by the Roasting Department			$fill in the blank 40

2. Assuming that the March 1 work in process inventory includes $18,750 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 to two decimal places.

Line Item Description	Increase or Decrease	Amount
Change in direct materials cost per equivalent unit
Change in conversion cost per equivalent unit

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