XytexCorporation uses a process cost accounting system.Materials are added at the beginning of the process.Direct labor and Overhead are added evenly throughout the process.

The following are the operating and cost data information for January.

The January 1 Beginning Work In Process consisted of 10,000 units (30% complete)

The cost for this inventory are $40,000 of direct materials, $20,000 of direct labor, and $50,000 of factory overhead.

In addition to the beginning inventory cost the company started 60,000 unitsand incurred the following cost into Work In Process Inventory; direct materials, $190,000; direct labor, $80,000; factory overhead, $150,000.

During January, the company completed and transferred out 50,000 units of its product to finished goods.

At the end of the month, the work in process inventory consisted of 20,000 units that were 60% complete with respect to conversion cost.

SHOW YOUR WORK -- YOU NEED ALL OF THE WORDS ALONG WITH THE NUMBERS

1)Prepare the company's process cost summary for January using the Weighted Average Method:

YOU HAVE TO PREPARE THE WHOLE REPORT:

a) Units to Account For and Units Accounted For

b) Find Equivalent Units

c) Cost to Account For

d) Cost per Equivalent Unit

e) Cost Accounted For

2)Prepare the Journal entry for the transfer to Finished Goods