Gray Brothers Products Inc. manufactures a liquid product in one department. Due to the nature of the product and the process, units are regularly lost at the beginning of production. Materials and labor and overhead costs are added evenly throughout the process. The following summaries were prepared for the month of January:
Production Summary Units
Started in process................................................. 10,000
Finished and transferred to the stockroom........... 8,000
In process, end of the month ............................... 1,000
Stage of completion.............................................. 1/2
Lost in process..................................................... 1,000
Cost Summary
Materials............................................................... $132,000
Labor................................................................... 33,000
Factory overhead.................................................. 20,625
Calculate the unit cost for materials, labor, and factory overhead for January and show the costs of units transferred to finished goods and of the ending work in process inventory.