Calculator Cost of Production Report Average Cost Method The

Calculator Cost of Production Report: Average Cost Method The increases to Work in Process-Roasting Department for Boston Coffee Company for March 2016 as well as information concerning production are as follows: work in process, March 1, 1,000 pounds, 40% completed Coffee beans added during March, 61,700 pounds Conversion costs during March work in process, March 3 600 pounds, 70% completed Goods finished during March, 62,100 pounds Prepare a cost of production report, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent. $15,000 517,670 217,570 Boston Coffee Company Cost of Production Report-Roasting Department For the Month Ended March 31, 2016 Units to account for during production: Inventory in process, March 1 Received from materials storeroom Total units accounted for by the Roasting Department Units to be assigned costs: - - Whole Equivalent Units Units of Production Previous Next

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Boston Coffee Company Cost of Production Report-Roasting Department For the Month Ended March 31, 2016 Unit Information Units to account for during production: Inventory in process, March 1 1000 Received from materials storeroom 61700 Total units accounted for by the Roasting Department 62700 Units to be assigned costs: Whole Units Equivalent Units of Production Transferred to finished goods in March 62100 62100 Inventory in process, March 31 (600 x 70%) 600 420 Total units to be assigned costs 62700 62520 Cost Information Costs per equivalent unit: Costs Total costs for March in Roasting Department $ 750240 Total equivalent units 62520 Cost per equivalent unit $ ($750240/62520) 12.00 Costs assigned to production: Inventory in process, March 1 15000 Costs incurred in March ($517670 + $217570) 735240 Total costs accounted for by the Roasting Department $ 750240 Costs allocated to completed and partially completed units: Transferred to finished goods in March $ (62100 x $12) 745200 Inventory in process, March 31 (420 x $12) 5040 Total costs assigned by the Roasting Department $ 750240