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Cost of Production Report: Average Cost Method Use the average cost method with the following data:...

Cost of Production Report: Average Cost Method Use the average cost method with the following data: Work in process, December 1, 5,500 units, 20% completed $40,040 Materials added during December from Weaving Department, 103,900 units 734,573 Direct labor for December 187,974 Factory overhead for December 143,141 Goods finished during December (includes goods in process, December 1), 101,700 units — Work in process, December 31, 7,700 units, 60% completed — Prepare a cost of production report for the Cutting Department of Tanner Carpet Company for December 2016 using the average cost method. If required, round your cost per equivalent unit answer to two decimal places. Tanner Carpet Company Cost of Production Report-Cutting Department For the Month Ended December 31, 2016

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Tanner Carpet Company
Cost of Production Report-Cutting Department
For the Month Ended December 31, 2016
Units charged to production:
Inventory in process, December 1                 5,500
Add: Received from Weaving Department            103,900
Total units accounted for by the Cutting Department            109,400
Units to be assigned costs:
Whole Units Equivalent Units of Production
Transferred to finished goods in December (Equivalent Units = 101700*100%)                     101,700            101,700
Add: Inventory in process, December 31 (Equivalent Units = 7700*60%)                         7,700                 4,620
Total units to be assigned costs                     109,400            106,320
Cost Information
Costs per equivalent unit:
Costs
Total costs for December in Cutting Department (40040+734573+187974+143141) $    1,105,728
Divided: Total equivalent units            106,320
Cost per equivalent unit $             10.40
Costs assigned to production:
Inventory in process, December 1 $          40,040
Costs incurred in December $    1,065,688
Total costs accounted for by the Cutting Department (734573+187974+143141) $    1,105,728
Costs allocated to completed and partially completed units:
Transferred to finished goods in December (101700*10.40) $    1,057,680
Inventory in process, December 31 (7700*10.40*60%) $          48,048
Total costs assigned by the Cutting Department $    1,105,728

ekkarill92 answered 2 days ago
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