Question

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 23,400 units of product to finished goods inventory. Its 3,800 units of beginning goods in process consisted of $21,300 of direct materials, $143,300 of direct labor, and $99,340 of factory overhead. It has 2,200 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			263,940
31	Direct materials	511,600		775,540
31	Direct labor	1,240,300		2,015,840
31	Applied overhead	982,240		2,998,080

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)Factory overheadIndirect materialsIndirect laborDirect materialsDirect labor	$
(Click to select)Direct materialsIndirect materialsDirect laborIndirect laborFactory overhead
(Click to select)Direct laborIndirect laborIndirect materialsFactory overheadDirect materials
		$
Costs incurred this period
(Click to select)Indirect materialsDirect materialsFactory overheadIndirect laborDirect labor	$
(Click to select)Factory overheadDirect laborDirect materialsIndirect laborIndirect materials
(Click to select)Direct materialsIndirect laborDirect laborIndirect materialsFactory overhead
Total costs to account for		$

  

Unit cost information
Units to account for		Units accounted for
(Click to select)Completed & transferred outEnding goods in processDirect laborBeginning goods in processUnits started this period		(Click to select)Units started this periodEnding goods in processCompleted & transferred outDirect laborBeginning goods in process
(Click to select)Direct laborBeginning goods in processUnits started this periodEnding goods in processCompleted & transferred out		(Click to select)Completed & transferred outBeginning goods in processDirect laborEnding goods in processUnits 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)Beginning goods in processEnding goods in processDirect LaborUnits completed & transferred outIndirect labor	EUP	EUP	EUP
(Click to select)Direct laborDirect materialsUnits of ending goods in processBeginning goods in processUnits of beginning 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 processFactory overheadCost of beginning goods in process	$	$	$
(Click to select)Units of ending goods in processIndirect materialsDirect materialsCosts incurred this periodUnits of beginning goods in process
Total costs	$	$	$
(Click to select)Equivalent units of productionUnits of beginning goods in processDirect laborUnits started this periodUnits of ending goods in process	EUP	EUP	EUP
Cost per EUP	$  per EUP	$  per EUP	$  per EUP

  

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

Answer 1