Solved: Average cost method of process costing-cost of production, Accounting Basics

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Average cost method of process costing-cost of production

Problem:

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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Accounting Basics: Average cost method of process costing-cost of production

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