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23. The cost of production summary for Mahi Industries follows: Mahi Industries Cost of Production Summary For the Month Ended May31:20- Cost of production for
23. The cost of production summary for Mahi Industries follows: Mahi Industries Cost of Production Summary For the Month Ended May31:20- Cost of production for month: Materials s8,000 4,000 3,000 $15,000 Labor Factory overhead Total costs to be accounted for Unit output for month: Finished and transferred to Finished goods during month 3,500 Equivalent units of work in process, end of month (2,000 units, 25% completed) 500 Total equivalent production Unit cost for month: Materials ($8,000/4,000) Labor ($4,000/4,000) Factory overhead ($3,000/4,000) 4,000 $2.00 1.00 75 $3.75 Total Inventory costs: Cost of goods finished and transferred to Finished goods during month: (3,500 x $3.75) $13,125 Cost of work in process, end of month: Materials (2,000 .25 $2.00) Labor (2,000 x .25 x $1.00) Factory overhead (1,000x .25x $.75) $1,000 500 Total production costs accounted for What is the journal entry to record the distribution of labor to production? 3751,875 $15, 000 a. Finished goods 4,000 Payroll 4,000 b. Work in process 4, 000 Overhead 4,000 c. Work in process 4,000 Payroll 4,000 d. Payrol1 4,000 Accrued payroll 4,000
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