Production Report, Weighted Average Murray Inc. manufactures bicycle frames in two departments: Cutting and Welding. Murray uses the weighted average method. Manufacturing costs are added uniformly throughout the process. The following are cost and production data for the cutting department for October: Production: 10,000 Units in process, October 1, 40% complete Units completed and transferred out 68,000 20,000 Units in process, October 31, 60% complete Costs: WIP, October 1 $75,000 Costs added during October 1,516,000 x Production Report Prepare a production report for the cutting department. Round cost per equivalent unit to the nearest cent. Use this rounded amount for further calculations. Cutting Department Production Report For the Month of October (Weighted Average Method) Unit Information Physical flow: Units in beginning WIP 10,000 58,000 X Units started 68,000 X Total units to account for Equivalent units: Production Report x Equivalent units: Units completed 68,000 Units in ending WIP 20,000 Total units to account for 88,000 Equivalent units: Units completed 68,000 Units in ending WIP 12,000 Total equivalent units 80,000 Production Report x Cost Information Costs to account for: Beginning WIP 80,000 x Incurred during October 1,516,0 Total costs to account for 1,596,0 X Cost per equivalent unit Costs accounted for: Transferred Out Ending Work in Process Total Goods transferred out Goods in ending WIP 9 Total costs accounted for