Gray Brothers Products Inc. manufactures a liquid product in one department. Due to the nature of the product and the process, units are regula beginning of production. Materials and labor and overhead costs are added evenly throughout the process. The following summaries were prepar month of January: Production Summary Started in process..... Finished and transferred to the stockroom... In process, end of the month ..... Stage of completion........ Lost in process.. Cost Summary Units 10,000 8,000 1,000 1/2 1,000 $132,000 33,000 20,625 Materials.... Labor ..... Factory overhead..... Calculate the unit cost for materials, labor, and factory overhead for January and show the costs of units transferred to finished goods and of the in process inventory. Round your answers to two decimal places and use the rounded answers in subsequent calculations, if necessary.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Gray Brothers Products Inc. manufactures a liquid product in one department. Due to the nature of the product and the process, units are regularly lost at the
beginning of production. Materials and labor and overhead costs are added evenly throughout the process. The following summaries were prepared for the
month of January:
Production Summary
Started in process....
Finished and transferred to the stockroom.
In process, end of the month
Units
10,000
8,000
1,000
1/2
1,000
Stage of completion....
Lost in process
Cost Summary
Materials...
Labor
Factory overhead...
Calculate the unit cost for materials, labor, and factory overhead for January and show the costs of units transferred to finished goods and of the ending work.
in process inventory. Round your answers to two decimal places and use the rounded answers in subsequent calculations, if necessary.
$132,000
33,000
20,625
Transcribed Image Text:Gray Brothers Products Inc. manufactures a liquid product in one department. Due to the nature of the product and the process, units are regularly lost at the beginning of production. Materials and labor and overhead costs are added evenly throughout the process. The following summaries were prepared for the month of January: Production Summary Started in process.... Finished and transferred to the stockroom. In process, end of the month Units 10,000 8,000 1,000 1/2 1,000 Stage of completion.... Lost in process Cost Summary Materials... Labor Factory overhead... Calculate the unit cost for materials, labor, and factory overhead for January and show the costs of units transferred to finished goods and of the ending work. in process inventory. Round your answers to two decimal places and use the rounded answers in subsequent calculations, if necessary. $132,000 33,000 20,625
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