Smith Steel Company uses a process cost system to record the costs of manufacturing aluminum which requires a series of five processes.The inventory of Work in Process ? Rolling (the last process) on September 1 and debits the account during September were as follows:

Balance

Item

Debit

Credit

Debit

Credit

Balance, 1,200 units, completed

$31,500

From Smelting, 4,900 units

$44,100

Direct labor

70,000

Factory overhead

37,100

During September, 1,200 units in process on September 1 were completed, and of the 4,900 units entering the department, all were completed except 400 units that were completed.

Charges to Work in Process ? Rolling for October were as follows:

Balance

Item

Debit

Credit

Debit

Credit

From Smelting, 5,000 units

$47,500

Direct labor

65,000

Factory overhead

36,640

During October, the units in process at the beginning of the month were completed, and of the 5,000 units entering the department, all were completed except 800 units that were ? completed.

Required:

Prepare a cost of production report for the month of September and identify the amount transferred from WIP to Finished Good Inventory.

Prepare a cost of production report for the month of October and identify the amount transferred from WIP to Finished Good Inventory.

Smith Steel Smith Steel Company uses a process cost system to record the costs of manufacturing aluminum which requires a series of five processes. The inventory of Work in Process - Rolling (the last process) on September 1 and debits the account during September were as follows: Balance Debit Credit $31,500 Item Debit Credit Balance, 1,200 units, completed From Smelting, 4,900 units $44,100 Direct labor 70,000 Factory overhead 37,100 During September, 1,200 units in process on September 1 were completed, and of the 4,900 units entering the department, all were completed except 400 units that were completed. Charges to Work in Process - Rolling for October were as follows: Item From Smelting, 5,000 units Direct labor Factory overhead Debit $47,500 65,000 36,640 Credit Balance Debit Credit During October, the units in process at the beginning of the month were completed, and of the 5,000 units entering the department, all were completed except 800 units that were completed. Required: 1 Prepare a cost of production report for the month of September and identify the amount transferred from WIP to Finished Good Inventory. 2 Prepare a cost of production report for the month of October and identify the amount transferred from WIP to Finished Good Inventory