ECONOMICS

Detailed explanation-1: -Unit material cost is computed by taking total material costs charged to the department for the period and dividing by the physical units in the process during the period. A production cost report is an internal document for management that shows production quantity and cost data for a particular job.

Detailed explanation-2: -A production cost report identifies the total cost (direct materials, labor, and overhead), of producing a product. A production cost report helps managers answer several important questions: How much does it cost to produce each unit of product for each department?

Detailed explanation-3: -The cost of production report reports the cost of the goods sold. One of the primary uses of a cost of production report is to assist management in controlling production costs.

Detailed explanation-4: -A process cost summary usually does not include the number of equivalent units of production for the period.

Detailed explanation-5: -Answer and Explanation: a) The most important purpose of the cost of production report is to prepare a summarized and record production data in a single report.