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.133Date Explanation Debit Credit BalanceOct. 1 Balance 215,55231 Direct materials 111,000 326,55231 Direct labor 416,000 742,55231 Applied overhead 251,000 993,552Its beginning goods in process consisted of $49,356 of direct materials, $94,120 of direct labor, and $72,076 of factory overhead. During October, the company started 149,000 units and transferred 153,000 units to finished goods. At the end of the month, the goods in process inventory consisted of 21,300 units that were 80% complete with respect to direct labor and factory overhead.Required:1.Prepare the company’s process cost summary for October using the weighted-average method. (Due to rounding of cost per unit, the total costs accounted for in the cost summary may not equal to sum of all the costs given in the problem. Round your cost per EUP answers to 2 decimal places and consider the same in the other calculations. Round other answers to the nearest dollar amount. Omit the “$” sign in your response.)EASTON CO.Process Cost SummaryFor Month Ended October 31Costs Charged to ProductionCosts of beginning goods in process$$Costs incurred this period$Total costs to account for $Unit cost informationUnits to account for Units accounted forTotal units to account for Total units accounted forEquivalent units of production Direct Materials Direct Labor Factory OverheadEUP EUP EUPEUP EUP EUPEquivalent units of production EUP EUP EUPCost per EUP Direct Materials Direct Labor Factory Overhead$ $ $Total costs $ $ $EUP EUP EUPCost per EUP $ per EUP $ per EUP $ per EUPCost assignment and reconciliationCosts transferred out$$Costs of ending goods in process$Total costs to account for $2.Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory. (Omit the “$” sign in your response.)Date General Journal Debit CreditOct. 31
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