prepare the journal entries to record the costs incurred, costs completed, and abnormal spoilage for the third quarter of 2020 Halloran Co. (Halloran) uses a first-in, first-out process costing system to account for its single product. Direct materials are added at the start of the process, and packaging materials are added at the end of the process. Conversion costs are incurred uniformly throughout the process. Inspection takes place when manufacturing is completed but before packaging materials are added. Normal spoilage for this production process is 3% of good output, and all spoiled units are discarded. During the third quarter of 2020, Halloran incurred the following costs: Direct materials Packaging materials Conversion costs $ 90,000 11,400 176.320 $277.720 Halloran's records, on September 30, 2020, show the following information for the third quarter: Units in opening inventory (40% complete) 6,000 Units started 20,000 Good units completed and transferred out 19,000 Units in ending work-in-process inventory 20% complete) 6,300 Cost of opening inventory $31,500