Monterrey Products Co. uses the process cost system. A record of the factory operations for the month of October follows:
Production Summary Units
Started in process................................................. 12,500
Finished and transferred to stockroom................. 9,500
In process, end of month, one-half completed as to
materials, labor, and overhead............................. 1,000
Cost Summary
Materials............................................................ $30,000
Labor................................................................. 12,000
Factory overhead.................................................. 18,000
Required:
Prepare a cost of production summary, assuming that the production losses are considered to be normal.