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Production Cost report:
Production Cost report is a statement showing steps to be taken for computation of total units completed and equivalent units for each element of cost.The total cost of ending work in process and completed and transferred out shall be determined based on equivalent units and cost per equivalent units. The total units completed are computed by considering the total units in process and ending work in process units.
The computation of total units completed and transferred out shall be based on the total units in the process during the year. The total units to account for in the process is sum of beginning units of work in process and units started in the process during the year. The Ending units of work in process which is still in process at the end of the year shall be deducted from the total to find out the units completed and transferred out.
Requirement1:
The preparation of Production cost report for the month of May.
Requirement2:
The determination of cost per unit of completed lift.
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