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 22,400 units of product to finished goods inventory. Its 4,200 units of beginning goods in process consisted of $19,500 of direct materials, $151,300 of direct labor, and $102,140 of factory overhead. It has 3,000 units (100% complete with respect to direct materials and 60% 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			272,940
31	Direct materials	505,500		778,440
31	Direct labor	1,297,300		2,075,740
31	Applied overhead	988,440		3,064,180

28.

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

  

Unit cost information
Units to account for		Units accounted for
(Click to select)Units started this periodDirect laborEnding goods in processCompleted & transferred outBeginning goods in process		(Click to select)Completed & transferred outBeginning goods in processUnits started this periodEnding goods in processDirect labor
(Click to select)Direct laborBeginning goods in processUnits started this periodEnding goods in processCompleted & transferred out		(Click to select)Completed & transferred outDirect laborEnding goods in processBeginning 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)Units completed & transferred outEnding goods in processIndirect laborBeginning goods in processDirect Labor	EUP	EUP	EUP
(Click to select)Units of ending goods in processDirect materialsUnits of beginning goods in processBeginning goods in processDirect labor	EUP	EUP	EUP
Equivalent units of production	EUP	EUP	EUP

  

Cost per EUP	Direct Materials	Direct Labor	Factory Overhead
(Click to select)Units of ending goods in processFactory overheadCost of beginning goods in processCost of ending goods in processUnits of beginning goods in process	$	$	$
(Click to select)Units of ending goods in processDirect materialsIndirect materialsUnits of beginning goods in processCosts incurred this period
Total costs	$	$	$
(Click to select)Units started this periodEquivalent units of productionDirect laborUnits 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)Indirect laborFactory overheadDirect laborDirect materialsIndirect materials	$
(Click to select)Direct materialsFactory overheadIndirect laborIndirect materialsDirect labor
(Click to select)Indirect materialsDirect materialsIndirect laborDirect laborFactory overhead
		$
Costs of ending goods in process
(Click to select)Direct materialsIndirect materialsIndirect laborFactory overheadDirect labor	$
(Click to select)Direct laborIndirect materialsIndirect laborFactory overheadDirect materials
(Click to select)Direct materialsFactory overheadIndirect laborIndirect materialsDirect labor
Total costs to account for		$

Answer 1