Tanner,Inc Materials Are Added at the Beginning of the Process

question 34

Essay

Tanner,Inc.uses a process cost accounting system with weighted-average valuation method.The following operating and cost data occurred during October:
$\begin{array}{ll}\text { October 1, Inventory: } & 30,000 \text { units } \\& 100 \% \text { complete for materials } \\& (\$ 82,500) \text { and } 50 \% \text { complete } \\& \text { for direct labor }(\$ 10,500) \text { and } \\& \text { overhead }(\$ 21,000)\\\\\text { October 31, Inventory: } & 20,000 \text { units } \\& 100 \% \text { complete for materials } \\& \text { and } 30 \% \text { complete for } \\& \text { direct labor and overhead }\\\\ \text { Units completed during}&50,000 \text { units}\\ \text { Oct.:}\\\\\text { October production costs: } & \text { Direct materials } & \$ 110,000 \\& \text { Direct labor } & 28,700 \\& \text { Overhead } & 57,400 \end{array}$

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.

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Definitions:

Reserve Requirement

The portion of depositor's balances that banks must have on hand as cash or in deposits with the central bank, a tool used by central banks to control the money supply.

Reserve Requirement

The lowest sum of money that a bank is required to keep as reserves against the deposits it holds, as mandated by the central bank.

Federal Funds Rate

The interest rate at which banks lend reserves to each other overnight, a key tool of monetary policy used by the Federal Reserve to influence the economy.

Buying Bonds

The act of purchasing debt securities issued by governments or corporations, which pay interest over a fixed period.