Use the following partial Process Cost report to prepare the journal entry necessary to move the...

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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 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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