East 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 direet materials, direct labor, and overhead costs for October.

Us beginning goods in process consisted of $59,450 of direct materials, $172,800 of direct labor, and $103,680 of factory overhead. During Oetober, the company started 140,000 units and transferred 150,000 units to finished goods. At the end of the month, the goods in process inventory consisted of 20,000 units that were 80% eomplete with respect to direct labor and factory overhead.
Required 1. Prepare the company’s process eost summary for Oetober using the weighted-average method.
2. Prepare the Journal entry dated October 31 to transfer the eost of the completed units to finished goods inventory.

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Date Oct. Balance Goods in Process Inventory Explanation Debit Credit Acct. No. 133 Balance 335,930 437,980 31 Direct materials 102,050 31 Direct labor 408,200 846,180 31 Applied overhead 244,920 1,091,100