iing and answers /ifo cost method, cost of productions Question: IFO Cost Method; Cost of Production Summary Dayt IFO Cost Method; Cost of Production Summary Daytona 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 October follows: Production Summary Work in process, beginning of month, one-fourth completed. Units 5,000 13,000 11,000 Finished and transferred to stockroom Cost Summary Work in process, beginning of month . . . . . . .. .. .. . .. .. . . .. . Materials....oooooDA Labor . Factory overhead. Prepare a cost of production summary for the month. $10,000 45,000 30,000 15,000