Work in Process Inventory ………………$84,300 (which consisted of $17,100 of direct materials and $67,200 of conversion costs).
During October, Katy incurred the following costs:
Direct materials . . . . . . . . . $144,400
Conversion costs. . . . . . . . . . . . . 862,400
Additionally, during October, the company started 140,000 units and transferred 150,000 units to finished goods. At the end of October, the work in process inventory consisted of 20,000 units that were 80% complete with respect to conversion costs.
Required
1. Prepare the company’s process cost summary for October this year using the weighted-average method.
2. Prepare the journal entry dated October 31 this year to transfer the cost of the completed units to finished goods inventory.
luco.b
to_homework_market.docx
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