cost of production report HELP!
I am taking managerial accounting online. (probably the WORST DECISION, I've ever made) I don't even know where to begin quite frankly. (yes I did read the instructions from the admin on NOT posting textbook questions, but please have mercy)
I've read the chapter and still do not understand. Without giving me the answer can someone explain this to me? What are they asking? How do I get there? The only thing I have so far is 6000*60% = 3600, and that's the conversion. That's all I have :/
date| | item | debit | credit | debit| credit|
1 bal 6000 3/5 completed 21840
31 direct materials 240000 768000 789840
31 direct labor 153200 943040
31 factory overhead 38160 981200
31 goods transferred 242000 ?
31 bal?? Units 1/5 completed ?
1) prepare a cost of production report identify the missing amounts for work in process blending report
2) assuming that January 1 work in process inventory includes direct materials of 18,600 determine the increase or decrease in the cost per equivalent unit ofr direct materials and conversion between December and January