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.

	Goods in Process Inventory			Acct. No.133
Date	Explanation	Debit	Credit	Balance
Oct. 1	Balance			306,831
31	Direct materials	110,000		416,831
31	Direct labor	416,000		832,831
31	Applied overhead	244,000		1,076,831

Its beginning goods in process consisted of $53,959 of direct materials, $100,720 of direct labor, and $152,152 of factory overhead. During October, the company started 146,000 units and transferred 156,000 units to finished goods. At the end of the month, the goods in process inventory consisted of 20,300 units that were 80% complete with respect to direct labor and factory overhead.

Required:

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.)

EASTON CO.
Process Cost Summary
For Month Ended October 31
Costs Charged to Production
Costs of beginning goods in process
(Click to select)Direct materialsFactory overheadDirect laborIndirect materialsIndirect labor	$
(Click to select)Direct laborFactory overheadDirect materialsIndirect laborIndirect materials
(Click to select)Factory overheadIndirect laborIndirect materialsDirect materialsDirect labor
		$
Costs incurred this period
(Click to select)Direct materialsIndirect materialsFactory overheadDirect laborIndirect labor	$
(Click to select)Direct laborFactory overheadDirect materialsIndirect materialsIndirect labor
(Click to select)Direct laborFactory overheadDirect materialsIndirect materialsIndirect labor
Total costs to account for		$

Unit cost information
Units to account for		Units accounted for
(Click to select)Completed & transferred outEnding goods in processBeginning goods in processUnits started this periodDirect labor		(Click to select)Ending goods in processBeginning goods in processDirect laborCompleted & transferred outUnits started this period
(Click to select)Beginning goods in processDirect laborUnits started this periodEnding goods in processCompleted & transferred out		(Click to select)Beginning goods in processDirect laborEnding goods in processUnits started this periodCompleted & transferred out
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 outIndirect laborBeginning goods in processDirect LaborEnding goods in process	EUP	EUP	EUP
(Click to select)Direct materialsDirect laborBeginning goods in processUnits of ending goods in processUnits of beginning 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)Units of beginning goods in processFactory overheadUnits of ending goods in processCost of ending goods in processCost of beginning goods in process	$			$			$
(Click to select)Units of ending goods in processDirect materialsUnits of beginning goods in processIndirect materialsCosts incurred this period
Total costs	$			$			$
(Click to select)Units of ending goods in processUnits started this periodEquivalent units of productionDirect laborUnits of beginning 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 materialsIndirect laborFactory overheadDirect laborDirect materials	$
(Click to select)Direct laborIndirect laborFactory overheadDirect materialsIndirect materials
(Click to select)Indirect materialsDirect laborDirect materialsFactory overheadIndirect labor
		$
Costs of ending goods in process
(Click to select)Direct materialsDirect laborIndirect materialsIndirect laborFactory overhead	$
(Click to select)Indirect laborIndirect materialsFactory overheadDirect laborDirect materials
(Click to select)Factory overheadDirect laborIndirect materialsDirect materialsIndirect labor
Total costs to account for		$

2.	Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory. (Omit the "$" sign in your response.)

Date	General Journal	Debit	Credit
Oct. 31	(Click to select)Wages expenseSalesFactory overheadCashGoods in process inventoryMerchandise inventoryFinished goods inventoryWages payable
	(Click to select)Goods in process inventoryFinished goods inventoryCashWages payableWages expenseMerchandise inventoryFactory overheadSales