Question - The Spangle Company uses the process cost system and average costing. The following prediction data are for the month of July:
Production Costs
Work in process, beginning of month
Materials $2,500
Labor $1,200
Factory Overhead $1,100 $4800
Costs incurred during the month
Materials $13,500
Labor 9,200
Factory overhead 8,500 $31,200
$36,000
Production Report Units UNITS
In process, beginning of month 500
Finished and transferred during the month 3,800
Work in process, end of month 400
Stage of completion 50%
Prepare a cost of production summary for the month.