P6-8 Page 359 FIFO cost method; cost of production summary Daytona Beverages Inc. uses the...
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Accounting
P6-8 Page 359
FIFO cost method; cost of production summary Daytona Beverages Inc. uses the FIFO cost method and adds all materials, labor, and factory overhead evenly to production. A record of the factory operations for October follows:
Production Summary
Work in process, beginning of month, one-fourth completed: 5,000
Started in process: 13,000
Finished and transferred to stockroom: 11,000
Work in process, end of month, three-fourths completed: 7,000
Cost Summary Work in process, beginning of month: $10,000
Materials: $45,000
Labor: $30,000
Factory overhead: $15,000
What is the total cost of units in ending balance?
$30,000
$32,500
$31,000
$31,500
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