Cisneros Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting. During May, the company completed and transferred 25,600 units of product to finished goods inventory. Its 3,700 units of beginning goods in process consisted of $20,300 of direct materials, $192,300 of direct labor, and $98,940 of factory overhead. It has 2,800 units (90% complete with respect to direct materials and 50% complete with respect to direct labor and overhead) in process at month-end. After entries to record direct materials, direct labor, and overhead for May, the company's Goods in Process Inventory account follows.

Goods in Process Inventory Acct. No.133
Date Explanation Debit Credit Balance
May 1 Balance 311,540
31 Direct materials 508,100 819,640
31 Direct labor 1,283,300 2,102,940
31 Applied overhead 977,440 3,080,380

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