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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.

© BrainMass Inc. brainmass.com September 23, 2018, 6:45 am ad1c9bdddf - https://brainmass.com/business/financial-accounting-bookkeeping/cost-of-production-summary-308201

Solution Summary

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

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