1. prepare the companies process cost summary for October using the weighted-average method

2. prepare the journal entry dated October 31 to transfer the cost of the completed units to finish goods inventory.

Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory account has a balance of $95,500 as of October 1, which consists of $20,100 of direct materials and $75,400 of conversion costs. During the month the company incurred the following costs Direct materials Conversion 192,650 1,040,600 During October, the company started 150,000 units and transferred 160,000 units to finished goods. At the end of the month, the work in process inventory consisted of 25,000 units that were 80% complete with respect to conversion costs. Required: 1. Prepare the company's process cost summary for October using the weighted-average method. 2. Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the company's process cost summary for October using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) costs to account f Total costs to account for Total costs accounted for Difference due to rounding cost/unit t reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method % Materials EUP-Materials % Conversion Total units t per equivalent unit of p Total costs Costs Costs Equivalent units of production Cost per equivalent unit of production Total costs accounted for Cost of units transferred out EUP EUP Cost perTotal cost EUP EUP Direct materials Total costs transferred out Cost per Total cost Costs of ending work in process EUP EUP 0.00 $0.00 Direct materials Total cost of ending work in process Total costs accounted for Required 1 Required 2 Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory View transaction list Journal entry worksheet Record the transfer of goods to finished goods inventory. Note: Enter debits before credits Credit Date General Journal Debit Oct 31 View general journal Record entry Clear entry