Response to the following problem:
The increases to Work in Process-Roasting Department for Boston Coffee Company for December 2010 as well as information concerning production are as follows:
Work in process, December 1, 1,500 pounds, 40% completed..............$ 3,600
Coffee beans added during December, 92,500 pounds.......................391,420
Conversion costs during December.............................................167,900
Work in process, December 31, 900 pounds, 80% completed............... -
Goods finished during December, 93,100 pounds............................. -
Prepare a cost of production report, using the average cost method.