The increases to Work in Process—Cooking Department for Better Beans Company for January 2006 as well as information concerning production are as follows:
Work in process, January 1, 800 pounds, 30% complete ..... $ 1,050
Beans added during January, 48,600 pounds ......... 58,320
Conversion costs during January .............. 25,254
Work in process, January 31, 500 pounds, 60% completed.... —
Goods finished during January, 48,900 pounds........ —
Prepare a cost of production report, using the average cost method.