Easton 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 direct materials, direct labor, and overhead costs for October. Its beginning goods in process consisted of $60,830 of direct materials, $176,820 of direct labor, and $1109,988 of factory overhead. During October, the company started 280,000 units and transferred 306,000 units to finished goods. At the end of the month, the goods in process inventory consisted of 41,200 units that were 80% complete with respect to direct labor and factory overhead Can you complete this journal Required 1. Prepare the company process cost summary for October using the weighted-average method 2. Prepare the joural entry dated October 31 to tranfer the cost of the completed units to finish goods inventory Information given below KING CO. Process Cost Summary For Month Ended October 31 Costs Charged to Production Costs of beginning goods in process Direct materials Direct labor Factory overhead Costs incurred this period Direct materials Direct labor Factory overhead Total costs to account for Unit cost information Units to account for Beginning goods in process Units started this period Total units to account for Units accounted for Completed and transferred out Ending goods in process Total units accounted for Direct Direct Factory Equivalent units of production Materials Labor Overhead Units completed and transferred out Units of ending goods in process Direct materials Direct labor Factory overhead Equivalent units of production Direct Direct Factory Cost per EUP Materials Labor Overhead Cost of beginning goods in process Costs incurred this period Total costs Divided by EUP Cost per EUP Cost assignment and reconciliation Costs transferred out Direct materials Direct labor Factory overhead Costs of ending goods in process Direct materials Direct labor Factory overhead Total costs accounted for KING CO. General Journal Account Debit Credit Finished Goods Inventory Goods in Process Inventory Given Data P3-04A: KING CO. Goods in Process Inventory Acct. No. 133 Date Explanation Debit Credit Balance Oct 1 Balance 348,638 31 Direct materials 104,090 452,728 31 Direct labor 416,360 869,088 31 Applied overhead 244,920 1,114,008 Beginning goods in process inventory: Direct materials $60,830 Direct labor $176,820 Factory overhead $110,988 During October: Units started 140,000 Units transferred to finished goods 153,000 End of October: Units in goods in process inventory 20,600 Percent complete 80.00% Check figure: (1) Total cost transferred to finished goods $1,002,150