Eugene Products Co. produces a latex paint and uses the process cost system. Materials, labor, and overhead are added evenly throughout the process. The following information was obtained from the company’s accounts at the end of February.
Production Costs
Costs Incurred during month:
|
Materials |
30,000 |
|
Labor |
20,000 |
|
Factory overhead |
40,000 |
|
90,000 |
|
Production Report |
Units |
|
Finished and transferred to stockroom during month |
56,000 |
|
Work in process, end of period, one-fourth completed |
16,000 |
Required:
Prepare a cost of production summary for February. (round unit costs to the three decimal places.)