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 1,000 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.
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 1,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Daniel LLC incurred the following cost in the month of October:
Material $55,000
Labor $46,000
Factory
There was no beginning inventory. Ending work in process was 1,000 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
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