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Category > Accounting Posted 22 Jul 2017 My Price 9.00

Easton Co

Easton Co. produces its product through a single processing department. Direct materials are added at the start of production, and direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting system. Its Goods in Process Inventory account follows after entries for direct materials, direct labor, and overhead costs for October.

   

Goods in Process Inventory

Acct. No. 133

Date

  

Explanation

Debit

Credit

Balance

Oct.

1

Balance

    

348,638
 

31

Direct materials

104,090

  

452,728
 

31

Direct labor

416,360

  

869,088
 

31

Applied overhead

244,920

  

1,114,008

Its beginning goods in process consisted of $60,830 of direct materials, $176,820 of direct labor, and $110,988 of factory overhead. During October, the company started 280,000 units and transferred 306,000 units to finished goods. At the end of the month, the goods in process inventory consisted of 41,200 units that were 80% complete with respect to direct labor and factory overhead.

Required

1. Prepare the company’s process cost summary for October using the weighted-average method.

2. Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory.

Answers

Maurice Tutor
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Status NEW Posted 22 Jul 2017 09:07 PM My Price 9.00

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