AVERAGE METHOD

Cost of Production Report (AVERAGE)

For the
Materials Labor & OH

Quantity Schedule Actual WD EP WD EP

Units in process, beg.
Units received

Units completed
Units in process, end

Cost charged to the department

Cost from preceding department
In process, for the month
Transferred-in during the month

Cost added in the department

In process, beg.
Materials
Labor & overhead
Added during the month
Materials
Labor & overhead
Total cost added in the department
Total costs to be accounted for
Cost accounted for as follows:
Completed & transferred
In process, end
Cost from preceding department
Materials
Overhead
Total costs are accounted for
Computations: Unit cost
Cost from preceding department = / =

Materials = / =

Labor & overhead = / =

FIFO METHOD

Cost of Production Report (FIFO)

For the
Materials Labor & OH

Quantity Schedule Actual WD EP WD EP

Units in process, beg.
Units received

Units completed
In process, beg.
Received & completed
Units in process, end

Cost charged to the department

Cost-in process, beg.
Cost from preceding department
Cost added in the department
Materials
Labor & Overhead
Total cost added in the department
Total costs to be accounted for

Cost accounted for as follows:

Completed & transferred
From In process, beg.
Cost last month
Cost added this month
Materials
Labor & overhead
From units received ( )
In process, end
Cost from preceding department
Materials
Labor & overhead
Total costs as accounted for
Computations: Unit cost
Cost from preceding department = / =

Materials = / =

Labor & overhead = / =