169. Assuming the FIFO inventory valuation method, use the following information to determine the cost of the goods completed during the current reporting period:
Equivalent
Cost
Total
Units
per Unit
Beginning goods in process:
Costs from prior month
$735
Materials costs added
60
$ 5.00
Labor and overhead cost added
20
12.00
Started and completed goods:
1,000
5.00
170. Based on the table of cost information below, prepare the general journal entry required to record the:A. Transfer of goods from the molding department to the finished goods inventory.B. Cost of goods sold for November.The following table of cost information is available for the Messier Company for the month of November:
Goods in Process Inventory – Mixing
Goods in Process Inventory – Molding
Finished Goods Inventory
Beginning Inventory
$12,000
$15,000
$24,000
Costs incurred:
Direct materials
22,000
14,000
Direct labor
32,000
17,000
Overhead applied
47,000
24,500
Costs transferred out
(100,000
)
(152,000
Costs transferred in
100,000
152,000
Cost of goods sold
(149,000
Ending inventory
13,000
18,500
27,000
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