Refer to the data in Problem 20-5A. Assume that Ogden uses the FIFO method to account for its process costing system. The following additional information is available:
— Beginning goods in process consisted of 3,000 units that were 100% complete with respect to direct materials and 40% complete with respect to direct labor and overhead.
— Of the 22,200 units completed, 3,000 were from beginning goods in process. The remaining 19,200 were units started and completed during October.

Required
1. Prepare the company€™s process cost summary for October using FIFO.
2. Prepare the journal entry dated October 31 to transfer the cost of completed units to finished goodsinventory.

Transcribed Image Text:

Acct. No. 133 Goods in Process Inventory Explanation Debit Credit Balance 20.870 369.270 970.920 .452.240 Date Oct Balance 31 Direct matertals 3 Direct labor 31 Applied overhead 248.400 601,650 481,320