P5-1 Eugene Products Co. produces a latex paint and uses the process cost system. Materials, labor, and overhead are added evenly throughout the process.

P5-1 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.)

 

SOLUTION PREVIEW

Problem 5-1

Eugene Products Co. Cost of Production Summary For the Month Ended February 28, 20xx
Cost of production for month:
Materials	$        30,000
Labor	20,000
Factory overhead	40,000
Total costs to be accounted for		$        90,000

 

File name: P5-1-Eugene-Products.xls File type: XLS Price: $6