Cost of Production Report: Average Cost Method

Use the average cost method with the following data:

Work in process, December 1, 3,900 units, 70% completed	$23,478
Materials added during December from Weaving Department, 73,700 units	431,145
Direct labor for December	106,214
Factory overhead for December	63,953
Goods finished during December (includes goods in process, December 1), 72,100 units
Work in process, December 31, 5,500 units, 10% 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
Unit Information
Units charged to production:
Inventory in process, December 1
Received from Weaving Department
Total units accounted for by the Cutting Department
Units to be assigned costs:
	Whole Units	Equivalent Units of Production
Transferred to finished goods in December
Inventory in process, December 31
Total units to be assigned costs
Cost Information
Costs per equivalent unit:
		Costs
Total costs for December in Cutting Department		$
Total equivalent units
Cost per equivalent unit		$
Costs assigned to production:
Inventory in process, December 1		$
Costs incurred in December
Total costs accounted for by the Cutting Department		$
Costs allocated to completed and partially completed units:
Transferred to finished goods in December		$
Inventory in process, December 31
Total costs assigned by the Cutting Department		$

Cost of Production Report: Average Cost Method Use the work in process, December 1, 3,900 units, 70% completed Materials added during Dacember from aaving Department, 73.700 units Direct labor for December Factory ovarhead for December Goods finished during December (includes goods in process, December 1), 72,100 units Work in process, December 31, 5,500 units, 10% 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. average cost method with the following data 523,478 431,145 106,214 53,953 Tanner Carpet Company Cost of Production Report-Cutting Department For the Month Ended December 31, Units charged to production: Inventory in process, Decamber 1 Recelved from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs 77,600 Whole Units Equivalent Units of Transferred to finished goods in December Inventory in process, Dacamber 31 Total units to be assigned costs Cost Information Costs per equivalent unit: Costs Total costs for December in Cutting Department Total equivalant units Cost per equivalent unit Costs assigned to productions Inventory in process, December 1 Costs incurred in December Total costs accounted for by the Cutting Department Costs allocated to completed and partially completed units: Transferred to finished goods in December Inventory in process, December 31 Total costs assigned by the Cutting Departmant