Question
Asked Sep 12, 2019

How would I start a Production Cost Report.  Should I use the refined weighted average method to start or should I use this formula?

Units completed / and transferred out + Equivalent units of ending work in process-Materials= Equivalent Units of Production Materials?

check_circleExpert Solution
Step 1

Production cost report shows the complete details of prodcuing a particular product, that includes cost of raw material, operating cost etc. The main purpose of this report is that it helps the organization to keep a complete track over the spendings and materials as they pass not only through the organization, but through various departments also. 

This report is also referred as cost of production report.

Step 2

We start the preparation of production cost report using weighted average method

 

Step 3

There are four steps involved to prepare the report:

1. First we find the units accounted for

2. We have to find the cost to be accounted for

...

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