The cost of production report summarizes (1) the units for which the department is accountable and the units to be assigned costs and (2) the costs charged to the department and the allocation of those costs.

Cost Of Production Report

A detailed report typically used in process costing that summarizes the material, labor, and overhead costs encountered during a period.

Allocation

Allocation refers to the process of assigning or distributing resources, costs, or expenses among different departments, processes, or projects within an organization, according to specific rules or criteria.