Akron Manufacturing Co. manufactures a cement-sealing compound called Seal-Rite. The process requires that the product pass through three departments. In Dept. 1, all materials are put into production at the beginning of the process; in Dept. 2, Materials are put into production evenly throughout the process; and in Dept. 3, all materials are put into production at the end of thee process. In each department, it is assumed that the labor and factory overhead are applied evenly throughout thee process. At the end of January, the production reports for the month show the following:

Dept. 1 Dept. 2 Dept. 3

Stared in process 50,000 - -

Received from prior department - 40,000 30,000

Finished and transferred 40,000 30,000 28,000

Finished and on hand - 5,000 -

Work in process, end of month 10,000 5,000 2,000

Stage of completion 1/2 1/4 3/4

The cost summary for January shows the following:

Dept. 1 Dept.2 Dept. 3

Materials $22,500 $23,200 $19,600

Labor 7,200 14,500 11,800

Factory Overhead 10,800 14,500 8,850

$ 40,500 $52,200 $40,250

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Required:

1. Need a cost of production summary for each department for January, using the weighted average cost method.
2. Need the journal entries to record the January transactions.
3. Need a statement of cost of goods manufactured for the month ended January 31.