Requirement Journalize the transfer of costs to the Finishing Department. (Hint: Complete the five-step process costing procedure to determine how much cost to transfer.)

The following information was taken from the ledger of Sanford Foundry: (Click the icon to view the data from October.) (Click the icon for additional information.) Requirement Journalize the transfer of costs to the Finishing Department. (Hint: Complete the five-step process costing procedure to determine how much cost to transfer.) Data table Work in ProcessForming $? Beginning inventory, October 1 $ 66,962 Transferred to Finishing Direct materials 219,588 162,700 Conversion costs Ending inventory Print Done The following information was taken from the ledger of Sanford Foundry: We need to begin the five-step process costing procedure by first summarizing the units to account for and computing the equivalent units. Forming Department Equivalent Unit Computation Month Ended October 31 Flow of Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Units to account for: Beginning work in process, October 1 Plus: Started in production during October Total physical units to account for Units accounted for: Completed and transferred out Plus: Ending work in process, October 31 Total physical units to account for Total equivalent units The next step is calculating the cost per equivalent unit. (Enter the cost per equivalent unit to two decimal places.) Forming Department The following information was taken from the ledger of Sanford Foundry: . Total physical units to account for Total equivalent units The next step is calculating the cost per equivalent unit. (Enter the cost per equivalent unit to two decimal places.) Forming Department Cost per Equivalent Unit Month Ended October 31 Direct Conversion Materials Costs Total Beginning work in process Less: Costs added during October Total costs to account for Divided by: Units completed and transferred out Cost per equivalent unit Now we can calculate the total cost of the units completed and transferred out and the ending work in process. (Enter quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step.) Assembly Department Month Ended October 31 Assigning Costs Direct Conversion --- Now we can calculate the total cost of the units completed and transferred out and the ending work in process. (Enter quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step.) Assembly Department Month Ended October 31 Assigning Costs Direct Conversion Materials Costs Total Completed and transferred out: Equivalent units completed and transferred out Divided by: Cost per equivalent unit Costs assigned to units completed and transferred out Ending work in process: Equivalent units in ending work in process, October 31 Divided by: Cost per equivalent unit Costs assigned to units completed and transferred out Total costs accounted for Finally, journalize the transfer of costs to the Finishing Department. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Work in Process Inventory-Finishing Assigning Costs Direct Conversion Materials Costs Total Completed and transferred out: Equivalent units completed and transferred out Divided by: Cost per equivalent unit Costs assigned to units completed and transferred out Ending work in process: Equivalent units in ending work in process, October 31 Divided by: Cost per equivalent unit Costs assigned to units completed and transferred out Total costs accounted for Finally, journalize the transfer of costs to the Finishing Department. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Work in Process Inventory-Finishing Work in Process Inventory-Forming The following information was taken from the ledger of Sanford Foundry: (Click the icon to view the data from October.) (Click the icon for additional information.) Requirement Journalize the transfer of costs to the Finishing Department. (Hint: Complete the five-step process costing procedure to determine how much cost to transfer.) Data table Work in ProcessForming $? Beginning inventory, October 1 $ 66,962 Transferred to Finishing Direct materials 219,588 162,700 Conversion costs Ending inventory Print Done The following information was taken from the ledger of Sanford Foundry: We need to begin the five-step process costing procedure by first summarizing the units to account for and computing the equivalent units. Forming Department Equivalent Unit Computation Month Ended October 31 Flow of Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Units to account for: Beginning work in process, October 1 Plus: Started in production during October Total physical units to account for Units accounted for: Completed and transferred out Plus: Ending work in process, October 31 Total physical units to account for Total equivalent units The next step is calculating the cost per equivalent unit. (Enter the cost per equivalent unit to two decimal places.) Forming Department The following information was taken from the ledger of Sanford Foundry: . Total physical units to account for Total equivalent units The next step is calculating the cost per equivalent unit. (Enter the cost per equivalent unit to two decimal places.) Forming Department Cost per Equivalent Unit Month Ended October 31 Direct Conversion Materials Costs Total Beginning work in process Less: Costs added during October Total costs to account for Divided by: Units completed and transferred out Cost per equivalent unit Now we can calculate the total cost of the units completed and transferred out and the ending work in process. (Enter quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step.) Assembly Department Month Ended October 31 Assigning Costs Direct Conversion --- Now we can calculate the total cost of the units completed and transferred out and the ending work in process. (Enter quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step.) Assembly Department Month Ended October 31 Assigning Costs Direct Conversion Materials Costs Total Completed and transferred out: Equivalent units completed and transferred out Divided by: Cost per equivalent unit Costs assigned to units completed and transferred out Ending work in process: Equivalent units in ending work in process, October 31 Divided by: Cost per equivalent unit Costs assigned to units completed and transferred out Total costs accounted for Finally, journalize the transfer of costs to the Finishing Department. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Work in Process Inventory-Finishing Assigning Costs Direct Conversion Materials Costs Total Completed and transferred out: Equivalent units completed and transferred out Divided by: Cost per equivalent unit Costs assigned to units completed and transferred out Ending work in process: Equivalent units in ending work in process, October 31 Divided by: Cost per equivalent unit Costs assigned to units completed and transferred out Total costs accounted for Finally, journalize the transfer of costs to the Finishing Department. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Work in Process Inventory-Finishing Work in Process Inventory-Forming