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    Cost of production summary

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    Daniel LLC incurred the following cost in the month of October:

    Material $55,000
    Labor $46,000
    Factory Overhead $23,000

    There was no beginning inventory. Ending work in process was 10,000 units at 50 percent complete. 15,000 units were completed and transferred out.

    Prepare a cost of production summary for the month, assuming Daniel uses the average cost method of process costing.

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    Solution Summary

    The solution explains how to prepare a cost of production summary using the average cost method