Lost units; cost of production summaries
Toluca Products Co. uses the process cost system. A record of the factory operations for the month of October follows:
Production Summary Units
Started in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,500
Finished and transferred to stockroom . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,500
In process, end of month, one-half completed as to materials, labor, and overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000
Cost Summary
Materials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,000
Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000
Factory overhead. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
Required:
Prepare a cost of production summary, assuming that the cost of lost units is absorbed by the good units completed.
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