Re-Tire produces bagged mulch made from recycled tires. Production involves shredding tires and packaging the pieces for sale in the bagging department. All direct materials enter in the first process. The following describes production operations for October.

The company's revenue for the month totaled $950,000 from credit sales, and its cost of goods sold for the month is $540,000.

Prepare summary journal entries dated October 31 to record its October production activities for (1) direct materials usage, (2) direct labor incurred (3) overhead applied, (4) goods transfer from Shredding to Bagging, (5) goods transfer from Bagging to finished goods, (6) credit sales, and (7) cost of goods sold.

please help

Exercise 20-25 Recording cost flows in a process cost system LO P1, P2 Re-Tire produces bagged mulch made from recycled tires. Production involves shredding tim bagging department. All direct materials enter in the first process. The following describes Direct materials used Direct labor used 20% in Shredding: 80% in Bagging. Predetermined overhead rate (based on direct labor) Transferred to Bagging Transferred to finished goods $ 522,000 $130,000 175% $595,000 $ 580,000 The company's revenue for the month totaled $950.000 from credit sales, and its cost of Prepare summary journal entries dated October 31 to record its October production activity labor incurred (3) overhead applied. (4) goods transfer from Shredding to Bagging. (5) 90g (6) credit sales, and (7) cost of goods sold. Saved View SULTON SE Journal entry worksheet 2 3 4 5 6 7 Record direct materials used in production Note: Enter debits before credits Debit Credit General Jour Transaction ras ournal entry worksheet 4 5 6 2 3 7 Record direct labor used in production, but not yet paid. Credit Debit Note: Enter debits before credits General Journal Transaction Views Journal entry worksheet Record overhead applied to production. Credit Debit Note: Enter debits before credits. General Journal Transaction Clear entry new s onst Journal entry worksheet 67 Record the transfer of goods from Shredding to Bagging. Debit Credit Note: Enter debits before credits General Journal Transaction wursus 6 Journal entry worksheet