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, 20% completed $2,800* *Direct materials (1,000 X $2.6) $2,600 Conversion (1,000 X 20% X $1) 200 $2,800 Coffee beans added during August, 31,000 pounds 79,050 Conversion costs during August 33,748 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: 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.

Costs per Equivalent Unit  Materials 2.5515 Conversion 1.1576

Cost of goods finished during August. $ 112759.83

Work In Process Ending Costs   $ 4638.05

Explanation:

The equivalent units are found by adding the percent of ending WIP to the completed units.

Equivalent Units

Particulars          Units        % of Completion                Equivalent Units

                                        Materials Conversion     Materials Conversion

End. WIP          1600          100          30                  1600              480

Completed     30400       100         100                30400          30400        

Equivalent Units                                                       32000           30880    

Costs Accounted For:

Costs                                      Materials        Conversion

Beg. WIP                                $2600             200

Costs Added                        79050             33748

Total Costs                             81650           35748

Equivalent Units                  32000            30880

Costs per Equivalent      81650/32000       35748/30880

Unit                                     = 2.5515                     1.1576

Cost of goods finished during August. $ 112759.83

Materials =  2.5515 * 30400= 77567.5

Conversion = 1.1576 * 30400=  35192.33

Total Costs of finished Goods = 112759.83

Work In Process Ending Costs   $ 4638.05

Materials =  2.5515 * 1600= 4082.4

Conversion = 1.1576 * 480=  555.648

Total Costs :

Finished Goods + Work In Process Ending Costs = 112759.83+4638.05

= 117 397.88 ≅117398.0

Costs Accounted For

Materials Costs + Conversion Costs =    (81650 +35748) 117398.0                  

Note: The CPR is correct when both the total costs calculated and accounted for are equal.

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