Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011.

Production Costs

Work in process, beginning of the month:

Materials................................................................ $3,000

Labor..................................................................... 1,500

Factory overhead....................................................    500 $  5,000

Costs incurred during the month:

Materials................................................................ $50,000

Labor..................................................................... 30,000

Factory overhead....................................................  20,000  100,000

Total................................................................ $105,000

Production Report

Units

In process, beginning of month.......................................................... 1,000

Finished and transferred during month................................................ 18,000

In process, end of month.................................................................... 4,000

Stage of completion for materials, labor, and overhead (ending)............ One-half

Stage of completion for materials, labor, and overhead (beginning)........ One-fourth

Directions: Complete the following cost of production summary for Cobb Manufacturing Company. Show computations in spaces provided and round unit costs to three decimal places.

Cobb Manufacturing Company

Cost of Production Summary

For the Month Ended June 30, 2011

Cost of work in process, beginning of the month:

Materials.............................................................. $

Labor...................................................................

Factory overhead.................................................. ..................................................................... $

Cost of production for month:

Materials.............................................................. $

Labor...................................................................

Factory overhead..................................................

Total costs to be accounted for................................... ..................................................................... $

Unit output for month:

Finished during month..........................................

Equivalent units of work in process, end of month (____________________)

Total equivalent production................................

Unit cost for month:

Materials (____________________)...................... ..................................................................... $

Labor (____________________)...........................

Factory overhead (____________________)...........

Total................................................................ ..................................................................... $

Inventory costs:

Cost of goods finished during month
(____________________)................................. ..................................................................... $

Cost of work in process, end of month:

Materials (____________________).................. $

Labor (____________________).......................

Factory overhead (____________________).......

Total production costs accounted for........................... ..................................................................... $

3. Using the data presented below, determine the figures that should be inserted in the blank spaces.

	Beginning units in process	Units started in production	Units transferred to finished goods	Ending units in process	Equivalent units of production
a	700	3,200	________	600 - 1/3 completed	______
b	_____	2,300	________	400 - 1/2 completed	2,450
c	1,200	4,500	5,100	__________________	5,500
d	1,000	_______	8,200	___ - 1/2 completed	8,800
e	2,200	_______	2,400	500 - 4/5 completed	______