value: 30.00 points

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			309,000
31	Direct materials	111,000		420,000
31	Direct labor	426,000		846,000
31	Applied overhead	246,000		1,092,000

Its beginning goods in process consisted of $45,288 of direct materials, $93,840 of direct labor, and $169,872 of factory overhead. During October, the company started 144,000 units and transferred 156,000 units to finished goods. At the end of the month, the goods in process inventory consisted of 21,600 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)Indirect laborDirect laborDirect materialsFactory overheadIndirect materials	$
(Click to select)Direct materialsFactory overheadIndirect materialsDirect laborIndirect labor
(Click to select)Factory overheadDirect laborDirect materialsIndirect laborIndirect materials
		$
Costs incurred this period
(Click to select)Indirect materialsFactory overheadIndirect laborDirect materialsDirect labor	$
(Click to select)Indirect materialsIndirect laborFactory overheadDirect materialsDirect labor
(Click to select)Direct materialsIndirect laborIndirect materialsFactory overheadDirect labor
Total costs to account for		$

Unit cost information
Units to account for		Units accounted for
(Click to select)Direct laborCompleted & transferred outBeginning goods in processEnding goods in processUnits started this period		(Click to select)Completed & transferred outDirect laborEnding goods in processUnits started this periodBeginning goods in process
(Click to select)Direct laborEnding goods in processBeginning goods in processUnits started this periodCompleted & transferred out		(Click to select)Beginning goods in processDirect laborCompleted & transferred outUnits started this periodEnding goods in process
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 laborDirect LaborEnding goods in processBeginning goods in process	EUP	EUP	EUP
(Click to select)Direct laborBeginning goods in processDirect materialsUnits of beginning goods in processUnits of ending 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 ending goods in processUnits of beginning goods in processCost of ending goods in processCost of beginning goods in processFactory overhead	$			$			$
(Click to select)Direct materialsUnits of beginning goods in processUnits of ending goods in processIndirect materialsCosts incurred this period
Total costs	$			$			$
(Click to select)Direct laborUnits of beginning goods in processEquivalent units of productionUnits started this periodUnits of ending 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)Direct materialsFactory overheadIndirect laborDirect laborIndirect materials	$
(Click to select)Indirect materialsDirect materialsFactory overheadDirect laborIndirect labor
(Click to select)Indirect materialsDirect laborDirect materialsFactory overheadIndirect labor
		$
Costs of ending goods in process
(Click to select)Factory overheadIndirect laborIndirect materialsDirect laborDirect materials	$
(Click to select)Indirect materialsDirect laborIndirect laborFactory overheadDirect materials
(Click to select)Indirect materialsIndirect laborFactory overheadDirect laborDirect materials
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)Finished goods inventoryGoods in process inventoryWages payableSalesMerchandise inventoryWages expenseFactory overheadCash
	(Click to select)CashMerchandise inventorySalesGoods in process inventoryFactory overheadWages expenseWages payableFinished goods inventory