Process Costing: Prepare a Production Report (Cost Accounting Tutorial #29)

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⌚Timestamps
0:00 - Introduction
0:39 - Physical Flow Schedule
1:18 - Equivalent Units
2:25 - Cost Per Equivalent Unit
3:25 - COG transferred and EWIP Valuation
4:10 - Cost Reconciliation

In this tutorial I wanted to provide a general overview of the production report, and cover the steps in which to complete one (Physical flow schedule, calculating equivalent units and cost per equivalent unit, valuation of cost of goods transferred out and EWIP, along with cost reconciliation).

In the next video we'll look to create a full production report in Excel using the weighted-average method.

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