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. Work in process, January 1, 9,400 units, 70% completed $111,108" * Direct materials (9,400 x $8.6) $80,840 Conversion (9,400 x 70% * $4.5) 30,268 $111,108 Materials added during January from Weaving Department, 144,800 units $1,252,520 Direct labor for January 302,318 Factory overhead for January 369,500 Goods finished during January (includes goods in process, January 1), 146,400 units Work in process, January 31, 7,800 units, 40% completed a. Prepare a cost of production report for the Cutting Department. If an amount box does not require an entry, leave it blank. For the cost per equivalent unit computations, round your answers to two decimal places. Karachi Carpet Company Cost of Production Report-Cutting Department For the Month Ended January 31 Unit Information Units charged to production: Inventory in process, January 1 9.400 Received from Weaving Department 144.800 Total units accounted for by the Cutting Department 154.200 Units to be assigned costs: Equivalent Units whole Units Direct Materials Conversion 2.820 9.400 0 137,000 137.000 137,000 Inventory in process, January 1 Started and completed in January Transferred to finished goods in January Inventory in process, January 31 Total units to be assigned costs 146,400 139,820 137.000 7.300 7.800 3.120 154.200 144.800 142.940 Cost Information Costs per equivalent unit: Direct Materials Total costs for January in Cutting Department Conversion 671,818 1.252.520 Total equivalent units 144.800 142.9.40 st 8.65 4.70 Cost per equivalent unit Costs assigned to production: Direct Materials Conversion Total Inventory in process, January 1 111.103 Costs incurred in January 1.924,338 Total costs accounted for by the Cutting Department 2,035,446 111,108 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 IO 100