WA & FIFO; cost of production report In a single-process production system, Phunky Phingers produces wool gloves. For November, the company's accounting records reflected the following: Beginning WIP Inventory (100% complete as to material; 30% complete as to direct labor; 60% complete as to overhead) Units started during the month Ending WIP Inventory (100% complete as to material; 40% complete as to direct labor; 80% complete as to overhead) Cost Component November 1 During November Direct material Direct labor Overhead Part A Part B $36,456 5,342 $252,000 12,981 128,218 198,307 33,600 units 252,000 units 56,000 units a. For November, prepare a cost of production report, assuming that the company uses the weighted average method. Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calculations. Note: Other than costs per EUP, round all amounts to the nearest whole dollar. Production Data: Beginning WIP inventory Units started Phunky Phingers Cost of Production Report (WA Method) For the Month of November Units 33,600 252,000 Units to account for 285,600 Units Material Labor Overhead Beginning WIP Inventory 33,600 33,600 Started & completed 196,000 196,000 33,600 196,000 33,600 196,000 Ending WIP inventory (100%, 40%, 80%) 56,000 Units accounted for 285,600 56,000 285,600 22,400 252,000 44,800 274,400 Cost Data: Total Material Labor Overhead Beginning WIP Inventory $ 54,779 $ Current costs Cost to account for $ 578,525 633,304 $ Divided by EUP 36,456 $ 252,000 288,456 $ 285,600 5,342 $ 128,218 133,560 $ 252,000 12,981 198,307 211,288 274,400 Cost per EUP $ 2.31 $ 1.01 $ 0.53 $ 0.77 Cost Assignment Transferred out Ending inventory: Material Direct labor Overhead Total cost accounted for $ 56,560 11,872 $ 530,376 34,496 $ 102,928 $ 633,304