The production report includes a quantity schedule, the computation of equivalent costs and costs per equivalent units, and a cost reconciliation.

Required:

1. Learning teams of three (or more) members should be formed. Each team member must select one of the following sections of the production report (as illustrated in Exhibit 4–7) as an area of expertise (each team must have at least one expert in each section).

a. Quantity schedule and equivalent units.

b. Costs per equivalent unit.

c. Cost reconciliation.

2. Expert teams should be formed from the individuals who have selected the same area of expertise. Expert teams should discuss and write a brief summary that each expert will present to his or her learning team that addresses the following:

a. The purpose of the section of the production report.

b. The manner in which the amounts appearing in this section of the report are determined.

3. Each expert should return to his or her learning team. In rotation, each member should present his or her expert team’s report to the learning team.