Exercise 3-25 Recording cost flows in a process cost system LO P1, P2, P3, P4 Laffer Lumber produces bagged bark for use in landscaping. Production involves packaging bark chips in plastic bags in a bagging department. The following information describes production operations for October Bagging Departnent 236,000 $ 36,000 Direct materials used Direct labor used Predetermined overhead rate (based on direct labor) Goods transterred from bagging to finished goodrs Book 1208 $(202,000) Hint The company's revenue for the month totaled $460,000 from credit sales, and its cost of goods sold for the month is $252.000 Prepare summary journal entries dated October 31 to record its October production activities for () direct materials usage, (2) direct labor incurred (3) overhead allocation, (4) goods transfer from production to finished goods, and (5) credit sales Print View transaction list Journal entry worksheet Record direct materials used in production Note: Enter debits before credas. Oct 31 (Prev 1of1 Next Goods transferred from bagging to finished goods $ (202,000) The company's revenue for the month totaled $460,000 from credit sales, and its cost of goods sold for the month is $252,000 Prepare summary journal entries dated October 31 to record its October production activities for (1) direct materials usage, (2) direct labor incurred (3) overhead allocation, (4) goods transfer from production to finished goods, and (5) credit sales. View transaction list Book Journal entry worksheet Hint Ask Record direct materials used in production. Print Note: Enter debits before credits General Journal Deblt Credit eferences Oct 31 Record entry Clear entry View general journal