FIFO cost method; cost of production summary LO₄ Buckner Beverages Inc. uses the FIFO cost method and adds all materials, 4 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.

Transcribed Image Text:

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