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prepare the journal entry dated november 30 to transfer the cost of the completed un 648440

Basilex Company produces its product through a single processing department. Direct materials are added at the beginning of the process. Direct labor and overhead are added to the product evenly throughout the process. The company uses monthly reporting periods for its weighted average process cost accounting. Its Goods in Process Inventory account follows after entries for direct materials, direct labor, and overhead costs for November.

   

Goods in Process Inventory

Acct. No. 133

Date

 

Explanation

Debit

Credit

Balance

Nov.

1

Balance

   

10,650

 

30

Direct materials

58,200

 

68,850

 

30

Direct labor

213,400

 

282,250

 

30

Applied overhead

320,100

 

602,350

The 7,500 units of beginning goods in process consisted of $3,400 of direct materials, $2,900 of direct labor, and $4,350 of factory overhead. During November, the company finished and transferred 100,000 units of its product to finished goods. At the end of the month, the goods in process inventory consisted of 12,000 units that were 100% complete with respect to direct materials and 25% complete with respect to direct labor and factory overhead.

Required

1. Prepare the company’s process cost summary for November using the weighted average method.

2. Prepare the journal entry dated November 30 to transfer the cost of the completed units to finished goods inventory.

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