safari File Edit View History Bookmarks Window Help ezto.mheducation.com Question 1 (of 10) 1. 100 points Exercise 16-6 Recording cost flows in a process cost system LO P1. P2, P3, P4. Laffer Lumber produces bagged bark for use in landscaping. Production involves packaging bark chips in plastic bags in a bagging department. The following information describes production operations for Bagging Direct materials used 522,000 Direct labor used 130,000 Predetermined overhead rate (based on direct labor) transferred from bagging to finished goods su595 175% The revenue for the month totaled s950.000 from creditsales, and its cost of goods sold for the month is $540,000. 1. Prepare journal entry dated october 31 to record its october production activites for direct material view general Journal General Journal Debit Credit Oct 31 Goods in process inventory materials inventory