Question

costs
direct materials conversion total
costs
cost per equivalent unit:
total costs for march in roasting department $450,000 $660,420
total equivalent units 600,000 611,500
cost per equivalent unit $0.75 $1.08
costs assigned to production:
inventory in process, march 1 $21,250
costs incurred in march
total costs accounted for by the roasting department $
costs allocated to completed and partially completed units:
inventory in process, march 1 balance $
to complete inventory in process, march 1 $0 $24,300 $24,300
cost of completed march 1 work in process $
started and completed in march $435,000 $626,400 $1,061,400
$

Explanation:

Calculate costs incurred in March

Using the Process Costing and FIFO Method knowledge points

$$
LATEXBLOCK0
$$

Calculate total costs accounted for

Using the Process Costing and FIFO Method knowledge points

$$
LATEXBLOCK1
$$

Calculate cost of completed March 1 work in process

Using the Process Costing and FIFO Method knowledge points

$$
LATEXBLOCK2
$$

Calculate total cost of units transferred to finished goods

Using the Process Costing and FIFO Method knowledge points

$$
LATEXBLOCK3
$$

Answer:

The completed fields for the cost of production report are:

• Costs incurred in March:
• Total: \(1,110,420\)

• Total costs accounted for by the Roasting Department:
• Total: \(1,131,670\)

• Inventory in process, March 1 balance:
• Total: \(21,250\)

• Cost of completed March 1 work in process:
• Total: \(45,550\)

• Transferred to finished goods in March:
• Total: \(1,106,950\)