Ledger account analysis; cost of production summary Analyze the information presented in the following general ledger account of Glasgow Inc. which has three departments: Shaping, Forming, and Finishing: Work in Process-Forming Mar. 1 10,250 Mar. 31 50,000 31 Materials 4,000 31 Labor 8,000 31 Factory 6,000 overhead 31 Shaping 36,000 Additional facts: a. 2,000 units were in process at the beginning of the month, onehalf completed. (Hint: The beginning inventory cost of $10,250 minus the beginning inventory costs transferred in from Shaping equal the costs added in Forming.) b. 9,000 units costing $36,000 were received from Shaping during the month. c. 8,000 units were transferred to Finishing during the month and the remaining units in ending work in process in Forming were one-third completed. d. Unit costs in Shaping and Forming were the same for March as for the prior month. (Hint: To arrive at the beginning inventory costs transferred in from Shaping, you must first determine the unit cost in Shaping.) e. The ratio of materials, labor, and factory overhead costs for Forming in the beginning and ending balances of Work in Process was in the same ratio as the costs incurred in Forming during the current month. (Hint: After you determine the total beginning inventory costs added in Forming, calculate the above mentioned ratio to break the total into materials, labor, and factory overhead.) Required: Prepare a cost of production summary for March. (Hint: First fill in the numbers that you know in a cost of production summary format. Also, round percentages to two decimal places and dollar totals to the nearest whole dollar.)