Question

. Tanner, Inc. uses a process cost accounting system with weighted-average valuation method. The following operating and cost data occurred during October:

October 1, Inventory:

30,000 units

100% complete for materials

($82,500) and 50% complete

for direct labor ($10,500) and

overhead ($21,000) .

October 31, Inventory:

20,000 units

100% complete for materials

and 30% complete for

direct labor and overhead

Units completed during Oct.:

50,000 units

October production costs:

Direct materials

$110,000

Direct labor

28,700

Overhead

57,400


Materials are added at the beginning of the process. Direct labor and overhead are incurred evenly throughout the process. Prepare the October process cost summary.

Answer

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