Cost of Production Report: Average Cost MethodUse the average cost method with the following...

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Accounting

Cost of Production Report: Average Cost Method
Use the average cost method with the following data:
Work in process, December 1, 6,700 units, 70% completed $52,997
Materials added during December from Weaving Department,126,600 units 972,288
Direct labor for December 239,818
Factory overhead for December 145,589
Goods finished during December (includes goods in process,December 1), 123,900 units —
Work in process, December 31, 9,400 units, 10% completed —
Prepare a cost of production report for the Cutting Departmentof Tanner Carpet Company for December 2016 using the average costmethod. If required, round your cost per equivalent unit answer totwo decimal places.
Tanner CarpetCompany
Cost ofProduction Report-Cutting Department
For the MonthEnded December 31, 2016
UnitInformation
Units charged toproduction:
Inventory in process, December1
Received from WeavingDepartment
Total units accounted for bythe Cutting Department
Units to be assignedcosts:
Whole Units Equivalent Units of Production
Transferred to finished goodsin December
Inventory in process, December31
Total units to be assignedcosts
CostInformation
Costs per equivalent unit:
Costs
Total costs for December inCutting Department $
Total equivalent units
Cost per equivalent unit $
Costs assigned toproduction:
Inventory in process, December1 $
Costs incurred in December
Total costs accounted for bythe Cutting Department $
Costs allocated to completedand partially completed units:
Transferred to finished goodsin December $
Inventory in process, December31
Total costs assigned by theCutting Department $

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Cost of production report Units charged to production Inventory in process December 1 6700 Received from Weaving Department 126600 Total units accounted for by the Cutting Department See Answer

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In: AccountingCost of Production Report: Average Cost MethodUse the average cost method with the following data:...Cost of Production Report: Average Cost MethodUse the average cost method with the following data:Work in process, December 1, 6,700 units, 70% completed$52,997Materials added during December from Weaving Department,126,600 units972,288Direct labor for December239,818Factory overhead for December145,589Goods finished during December (includes goods in process,December 1), 123,900 units—Work in process, December 31, 9,400 units, 10% completed—Prepare a cost of production report for the Cutting Departmentof Tanner Carpet Company for December 2016 using the average costmethod. If required, round your cost per equivalent unit answer totwo decimal places.Tanner CarpetCompanyCost ofProduction Report-Cutting DepartmentFor the MonthEnded December 31, 2016UnitInformationUnits charged toproduction:Inventory in process, December1Received from WeavingDepartmentTotal units accounted for bythe Cutting DepartmentUnits to be assignedcosts:Whole UnitsEquivalent Units of ProductionTransferred to finished goodsin DecemberInventory in process, December31Total units to be assignedcostsCostInformationCosts per equivalent unit:CostsTotal costs for December inCutting Department$Total equivalent unitsCost per equivalent unit$Costs assigned toproduction:Inventory in process, December1$Costs incurred in DecemberTotal costs accounted for bythe Cutting Department$Costs allocated to completedand partially completed units:Transferred to finished goodsin December$Inventory in process, December31Total costs assigned by theCutting Department$

Work in process, December 1, 6,700 units, 70% completed	$52,997
Materials added during December from Weaving Department,126,600 units	972,288
Direct labor for December	239,818
Factory overhead for December	145,589
Goods finished during December (includes goods in process,December 1), 123,900 units	—
Work in process, December 31, 9,400 units, 10% completed	—

Tanner CarpetCompany
Cost ofProduction Report-Cutting Department
For the MonthEnded December 31, 2016
UnitInformation
Units charged toproduction:
Inventory in process, December1
Received from WeavingDepartment
Total units accounted for bythe Cutting Department
Units to be assignedcosts:
	Whole Units	Equivalent Units of Production
Transferred to finished goodsin December
Inventory in process, December31
Total units to be assignedcosts
CostInformation
Costs per equivalent unit:
		Costs
Total costs for December inCutting Department		$
Total equivalent units
Cost per equivalent unit		$
Costs assigned toproduction:
Inventory in process, December1		$
Costs incurred in December
Total costs accounted for bythe Cutting Department		$
Costs allocated to completedand partially completed units:
Transferred to finished goodsin December		$
Inventory in process, December31
Total costs assigned by theCutting Department		$