Name: Chapter 20 In-Class Exercise 1. The Greasy Oil Refining Company uses a weighted average process costing system. Material (oil) is added at the beginning of the process. Direct labor and factory overhead are added uniformly throughout the process. Factory overhead is applied at a rate of 120% of direct labor cost. Required: A. Complete the process cost report for April 2011 below. B. Complete the journal entry to transfer Goods-in-Process Inventory to Finished Goods Inventory for April 2011 Date Account Title Debit Credit Aceg 211 Chapter 20 - Process Costing Wehted Average Greasy Ol Refining Company For the Month ending April 30, 2011 Complete Physical Dud Factory senal Labord Flow of Units Units to be accounted for Beginning work in process inventory Units started this period Total units to be accounted for 10000 8000% 100% 46,000 Units accounted for Units completed and transferred out Ending work in process inventory Total units accounted for 100 % 10000 10000% 4000 10000% 4000% 60 000 or Flow of Costs Costs to be accounted for Costs in beginning work in process inventory Current period costs Total costs to be accounted for 90 0005 51 2005 5110 $ 750 000 30 000 S 540 000 351200 Costs per equivalent unit Costs accounted for Coulstrandlerred out Costs of ending inventory Total costs accounted for