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) 19,200 units Units started during the month 144,000 units Ending WIP Inventory (100% complete as to material: 40% complete as to direct labor; 80% complete as to overhead) 32,000 units Cost Component November 1 During November Direct material Direct labor $20,832 3,053 $144,000 73,267 Overhead. 7,418 113,318 Part A Part B 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 19,200 144,000 Units to account for 163,200 Units Material Beginning WIP Inventory 19,200 0x Started & completed 112,000 112,000 Ending WIP inventory (100%, 40%, 80%) 32,000 Units accounted for 163,200 Cost Data: Total 32,000 144,000 x Material Labor 13,440 x 112,000 12,800 Overhead 7,680 x 112,000 25,600 138,240 x Labor 145,280 x Overhead Beginning WIP Inventory $ 30.303 $ Current costs Cost to account for $ 330,585 v 360,888 x $ Divided by EUP Cost per EUP $ 2.51 $ 20,832 $ 144,000 164,832 $ 144,000 x 1.14 x S 2,053 x $ 73,267 75,320 x $ 138,240 x 7418 113,318 120,736 145,280 x 0.54 x 5 0.83 x Cost Assignment Transferred out $ 326,055 x Ending inventory: Material Direct labor Overhead Total cost accounted for $ 36,480 x 6,912 x 21,248 x 5 $ 64,640 x 390,695 x