\fA D E F G H 31 32 Cost per EU 33 34 35 Step 6 - Cost Accounted For 36 Transferred Ending 37 Out Inventory 38 EU Cost 39 40 C& TO (All should be at 100%) 41 TI+DM+CC 42 43 EI 44 TI 45 DM 46 CC 47 48 Totals 49 If you do not have any units transferred in -- Then you would not have a TI column - only would have DM and CC 50 51RETL 262 Process Costing Flee-o": Fe-5 2322 Group A McCall Corporation uses a process cost accounting system. Materials are added at the beginning ofthe 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 i_n Process - Cutting consisted 015,000 units (50% complete) The cost for this inventory include: $20,000 of direct materials, $35,000 ofdirect labor, and $65000 offactory overhead. In addition to the beginning inventory, the company started 55,000 units They incurred the following cost into Work-InProcess Inventory: Direct materials, $130,000 Direct labor, $100,000 Factory overhead, $115,000 During January, the company completed anld transferred out 40.000 units of its product to the WlP Sewing Department. At the end ofthe month, the work in process inventory consisted of 20,000 units that were 40% complete with respect to conversion cost. SHOW YOUR WORK - YOU NEED ALL OF THE WORDS ALONG WITH THE NUMBERS (USE THE EXCEL WORKSHEET PROVIDED ON BLACKBOARD TO ANSWER THIS QUESTION! Weighted average method! You must create formulas I showed you how to do this in class. A) Prepare the company's process cost summary for January: The report should include aJLqi the following: a) Units to Account E_o.L and Units Accounted For b) Find Equivalent Units c} Cost to Acco unt For d) Cost per Equivalent Unit e) Cost Accounted For B) Prepare the Journal entry for the transfer to the Sewing Department