Explore BrainMass

Cost of production summary

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 July 19, 2018, 8:40 pm ad1c9bdddf

Solution Summary

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