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

  

Unit cost information
Units to account for		Units accounted for
(Click to select)Direct laborEnding goods in processBeginning goods in processCompleted & transferred outUnits started this period		(Click to select)Ending goods in processBeginning goods in processUnits started this periodDirect laborCompleted & transferred out
(Click to select)Ending goods in processBeginning goods in processCompleted & transferred outDirect laborUnits started this period		(Click to select)Direct laborCompleted & transferred outUnits started this periodBeginning goods in processEnding goods in process
Total units to account for		Total units accounted for

   

Equivalent units of production	Direct Materials	Direct Labor	Factory Overhead
(Click to select)Direct LaborBeginning goods in processUnits completed & transferred outEnding goods in processIndirect labor	EUP	EUP	EUP
(Click to select)Direct materialsUnits of beginning goods in processDirect laborBeginning goods in processUnits 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)Factory overheadUnits of ending goods in processCost of beginning goods in processCost of ending goods in processUnits of beginning goods in process	$	$	$
(Click to select)Indirect materialsUnits of beginning goods in processCosts incurred this periodUnits of ending goods in processDirect materials
Total costs	$	$	$
(Click to select)Direct laborEquivalent units of productionUnits started this periodUnits of beginning goods in processUnits 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)Factory overheadIndirect laborDirect laborIndirect materialsDirect materials	$
(Click to select)Direct laborFactory overheadDirect materialsIndirect materialsIndirect labor
(Click to select)Factory overheadIndirect materialsDirect laborIndirect laborDirect materials
		$
Costs of ending goods in process
(Click to select)Indirect laborFactory overheadDirect laborDirect materialsIndirect materials	$
(Click to select)Direct laborFactory overheadIndirect laborIndirect materialsDirect materials
(Click to select)Indirect laborDirect laborIndirect materialsFactory overheadDirect materials
Total costs to account for		$

Answer 1