Computation of Per Unit Manufacturing Cost and Inventory Costing

Computation of Per Unit Manufacturing Cost and Inventory Costing: The Forbes Company, Inc. manufactures electric irons. The costs of production for the year 19— were:
Materials $140,000
Labor 148,000
Factory overhead 103,000

The inventory of finished goods on January 1, 19— consisted of 3,000 electric irons, valued at $15 each. During the year the company sold 23,400 electric irons and had 2,600 units finished and on hand at the end of the year. 

Required: The cost of the finished goods inventory, assuming finished units to be costed on the first-in, first-out basis.

Total and Per Unit Manufacturing Costs. In October the Aero Company put mto process $50,000 of raw materials. The Milling Department used 12,000 labor hours at a cost of $30,000, and the Machining Department used 9,200 labor hours at a cost of $2.25 per hour. Factory overhead is applied at a rate of $3 per labor hour in the Milling Department and $4 per labor hour in the Machining Department.

October 1 inventories were: materials, $16,000; materials in process, $6,000; labor in process, $6,500; factory overhead in process, $7,200; and finished goods, $12,400. October 31 inventories were: materials, $18,000; materials in process, $5,000; labor in process, $6,000; factory overhead in process, $7,000; and finished goods, $14,000. The company produced 25,000 units of product during the month.

Required: (1) A schedule showing the cost of work put in process, the cost of goods manufactured, and the cost of goods sold.

(2) The unit cost of materials, labor, and factory overhead for the October production.