Question

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Ogden Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting. During October, the company completed and transferred 25,800 units of product to finished goods inventory. Its 3,600 units of beginning goods in process consisted of $19,700 of direct materials, $153,300 of direct labor, and $100,540 of factory overhead. It has 3,000 units (100% complete with respect to direct materials and 50% complete with respect to direct labor and overhead) in process at month-end. After entries to record direct materials, direct labor, and overhead for October, the company’s Goods in Process Inventory account follows.

  

	Goods in Process Inventory			Acct. No.133
Date	Explanation	Debit	Credit	Balance
Oct. 1	Balance			273,540
31	Direct materials	510,400		783,940
31	Direct labor	1,261,300		2,045,240
31	Applied overhead	978,240		3,023,480

21.

Required information

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.)

  

OGDEN CO.
Process Cost Summary
For Month Ended October 31
Costs Charged to Production
Costs of beginning goods in process
(Click to select)Indirect laborDirect materialsDirect laborIndirect materialsFactory overhead	$
(Click to select)Indirect laborFactory overheadIndirect materialsDirect laborDirect materials
(Click to select)Direct materialsIndirect laborDirect laborFactory overheadIndirect materials
		$
Costs incurred this period
(Click to select)Factory overheadIndirect materialsIndirect laborDirect laborDirect materials	$
(Click to select)Direct materialsDirect laborIndirect materialsFactory overheadIndirect labor
(Click to select)Direct materialsDirect laborFactory overheadIndirect laborIndirect materials
Total costs to account for		$

  

Unit cost information
Units to account for		Units accounted for
(Click to select)Units started this periodDirect laborCompleted & transferred outBeginning goods in processEnding goods in process		(Click to select)Direct laborBeginning goods in processCompleted & transferred outEnding goods in processUnits started this period
(Click to select)Beginning goods in processUnits started this periodEnding goods in processCompleted & transferred outDirect labor		(Click to select)Beginning goods in processEnding goods in processCompleted & transferred outDirect laborUnits started this period
Total units to account for		Total units accounted for

   

Equivalent units of production	Direct Materials	Direct Labor	Factory Overhead
(Click to select)Units completed & transferred outEnding goods in processDirect LaborBeginning goods in processIndirect labor	EUP	EUP	EUP
(Click to select)Beginning goods in processUnits of beginning goods in processDirect materialsDirect laborUnits of ending goods in process	EUP	EUP	EUP
Equivalent units of production	EUP	EUP	EUP

  

Cost per EUP	Direct Materials	Direct Labor	Factory Overhead
(Click to select)Cost of ending goods in processUnits of ending goods in processUnits of beginning goods in processCost of beginning goods in processFactory overhead	$	$	$
(Click to select)Indirect materialsUnits of ending goods in processCosts incurred this periodDirect materialsUnits of beginning goods in process
Total costs	$	$	$
(Click to select)Direct laborUnits of beginning goods in processEquivalent units of productionUnits of ending goods in processUnits started this period	EUP	EUP	EUP
Cost per EUP	$  per EUP	$  per EUP	$  per EUP

  

Cost assignment and reconciliation
Costs transferred out
(Click to select)Direct materialsIndirect laborIndirect materialsFactory overheadDirect labor	$
(Click to select)Indirect materialsDirect laborFactory overheadIndirect laborDirect materials
(Click to select)Direct laborDirect materialsFactory overheadIndirect materialsIndirect labor
		$
Costs of ending goods in process
(Click to select)Indirect laborFactory overheadIndirect materialsDirect materialsDirect labor	$
(Click to select)Direct materialsIndirect materialsIndirect laborDirect laborFactory overhead
(Click to select)Indirect laborDirect materialsDirect laborFactory overheadIndirect materials
Total costs to account for		$

Answer 1