Lost units; cost of production summaries LO₂ Zenith Products Co. uses the process cost system. A record of the factory operations for the month of October follows:

Required:
Prepare a cost of production summary, assuming that the cost of lost units is absorbed by the good units completed.

Transcribed Image Text:

Production Summary Started in process..... Finished and transferred to stockroom. In process, end of month, one-half completed as to materials, labor, and overhead... Materials Labor... Factory overhead. Cost Summary Units 12,500 9,500 1,000 $30,000 12,000 18,000