FIFO cost method; cost of production summary Boston Beverages Inc. uses the FIFO cost method and adds all materials, labor, and factory overhead evenly to production. A record of the factory operations for the month of October follows:

{Required:}
Prepare a cost of production summary for the month.

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Production Summary Units Work in process, beginning of month, three-fourths completed 5,000 Started in process 13,000 Finished and transferred to stockroom.... 11,000 Work in process, end of month, one-fourth completed 7,000 Cost Summary Work in process, beginning of month Materials Labor Factory overhead $10,000 45,000 30,000 15,000