Cost of Production Report: No Beginning Inventories Atlanta Paper Company produces newsprint paper through a special recycling process using scrap paper products. Production and cost data for October 2017, the first month of operations for the company's new Brunswick plant, follow: Units of product started in process during October 80,000 tons Units completed and transferred to finished goods 75,000 tons Machine hours operated 7,000 Direct materials costs incurred $ 486,000 Direct labor costs incurred $ 190,800 Raw materials are added at the beginning of the process for each unit of product produced, and labor and manufacturing overhead are added evenly throughout the manufacturing process. Manufacturing overhead is applied to Work-in-Process at the rate of $24 per machine hour. Units in process at the end of the period were 60 percent converted. Prepare a cost of production report for Atlanta Paper Company for October. Round answers to the nearest whole number unless otherwise noted. Do not use negative signs with any of your answers. Total ATLANTA PAPER COMPANY Cost of Production Report For the Month Ending October 31, 2017 Summary of units in process (tons): Beginning Units started 80,000 In process 80,000 Completed 75,000 Ending 5,000 Equivalent units in process: Materials Conversion Units completed 75,000 75,000 Plus equivalent units in ending Inventory 5,000 3,000 Equivalent units in process 80,000 78,000 Total cost to be accounted for and cost per equivalent unit in process: Beginning work-in-process Borsors Current costs 486,000 190,800 x Total cost in process $ 486,000 $ 190,800 * $ Equivalent units in process $ 80,000 $ 78,000 Cost per equivalent unit in process (Do not round answers.) $ 6.075 $ 2.44615 * $ Accounting for total costs: Transferred out $ Ending work-in-process: Materials $ 30,375 Conversion 7,338 x Total cost accounted for $ or 676,800 x 676,800 x 8.52115 x 639,087 37,713 x 676,800 X