Question: Use the following partial Process Cost report to prepare the journal entry necessary to move the costs of the completed goods out of the

Use the following partial Process Cost report to prepare the journal entry

necessary to move the costs of the completed goods out of the

Use the following partial Process Cost report to prepare the journal entry necessary to move the costs of the completed goods out of the Goods in Process Inventory. Step 4: Assign and reconcile costs. Costs of EUP completed and transferred out: Direct Materials (80,000 EUP $8.75/EUP) Direct Labor & Factory OHD (80,000 EUP. $25.20/EUP) Total costs of units completed and transferred out Costs of EUP in Ending Goods in Process: Direct Materials (8,000 EUP* $8.75/EUP) Direct Labor & Factory OHD(2,000 EUP. $25.20/EUP) Total costs of Ending GIP Inventory $ 700,000 $ 2,016,000 $ 2,716,000 $ 70,000 50,400 $ 120,400 Step 4: Assign and reconcile costs. Costs of EUP completed and transferred out: Direct Materials (80,000 EUP $8.75/EUP) Direct Labor & Factory OHD (80,000 EUP* $25.20/EUP) Total costs of units completed and transferred out Costs of EUP in Ending Goods in Process: Direct Materials (8,000 EUP* $8.75/EUP) Direct Labor & Factory OHD(2,000 EUP. $25.20/EUP) Total costs of Ending GIP Inventory Total sts accounted for $ 700,000 $ 2,016,000 $ 2,716,000 $ 70,000 50,400 $ 120,400 $ 2,836,400

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