Cost of production summary, one department; beginning work in process LO₅ Stevens 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:

Required:
Prepare a cost of production summary for February.

Transcribed Image Text:

Production Costs Costs incurred during month Materials. $30,000 Labor.. Factory overhead... Production Report Finished and transferred to stockroom during month. Work in process, end of period, one-fourth completed.. 20,000 40,000 $90,000 Units 56,000 16,000