Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. $178,704" Work in process, January 1, 14,600 units, 80% completed -Direct materials (19,600 * $9.4) Conversion (14,600 x 80% * $4.8) $122,640 56,064 $178,704 $1,922,040 467,669 Materials added during January from Weaving Department, 224,800 units Direct labor for January Factory overhead for January Goods finished during January (indudes goods in process, January 1), 227,400 units Work in process, January 31, 12,000 units, 45% completed 571,595 a. Prepare a cost of production report for the cutting Department. If an amount is zero or a blank, enter in "0" For the cost per equivalent unit computations, Tound your answers to two decimal places Cost of Production Report Cutting Department For the Month Ended January 31 Unit Information Units charged to production: 14,600 224,800 Inventory in process, January 1 Received from Weaving Department Total units accounted for by the Cutting Department 239.400 Units to be assigned costs: Equivalent Units whole Units Direct Materials Conversion 14.600 0 2.920 212.000 212.800 Inventory in process, January 1 Started and completed in January Transferred to finished goods in January 212.800 212.800 2274007 212.800 215.720 Inventory in process, January 31 12.000 12.000 5.400 Total units to be assigned costs 239400 224.800 221.120 Cost Information Costs per equivalent unit: Direct Materials Conversion 1.922.040 1,039.264 Total costs for January in Cutting Department Total equivalent units Cost per equivalent unit 221,120 224.800 8.55 4.7 Costs assigned to production: Direct Materials Conversion Total 178,704 24,966 $ Inventory in process, January 1 Costs incurred in January Total costs accounted for by the Cutting Department Cost allocated to completed and partially completed units: Inventory in process, January 1 balance To complete inventory in process, January 1 Cost of completed January 1 work in process Started and completed in January Transferred to finished goods in January Inventory in process, January 31 $ Total costs assigned by the Cutting Department