Cost of Production Report: Average Cost Method The increases to Work in Process-Roasting Department for Highlands Coffee Company for May as well as information concerning production are as follows: work in process, May 1, 2,600 pounds, 50% completed Coffee beans added during May, 160,400 pounds Conversion costs during May work in process, May 31, 1,600 pounds, 70% completed Goods finished during May, 161,400 pounds Prepare a cost of production report for May, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent. $45,510 1,569,940 659,830 Highlands Coffee Company Cost of Production Report-Roasting Department For the Month Ended May 31 Units to account for during production Inventory in process, May1 Received from materials storeroom Total units accounted for by the Roasting Department Units to be assigned costs: Whole Units Equivalent Units of Production Transferred to finished goods in May Inventory in process, May 31 Total units to be assigned costs Costs per equivalent unit: Costs Total costs for May in Roasting Department Total equivalent units Cost per equivalent unit Costs assigned to production Inventory in process, May 1 Costs incurred in May Total costs accounted for by the Roasting Department Costs allocated to completed and partially completed units: Transferred to finished goods in May Inventory in process, May 31 Total costs assigned by the Roasting Department