4 Ches Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 5 points 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 $98,500 as of October 1, which consists of $21,300 of direct materials and $77,000 of conversion costs. During the month the company incurred the following costs: Book AK Print Direct materials Conversion References $160,150 513, 880 During October, the company started 154,000 units and transferred 164,000 units to finished goods. At the end of the month, the work in process inventory consisted of 27000 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 Mc He Sowe 4 Cher Mequired Pre the company's process cost Summary for October using weighted average method 2. Prepare the journal entry dated October 31 to transfer the cost of the completed us to finished goods ventory nd Complete the question by entering your answers in the tabe blow the company pron cout summary for the wing the water method. Cost per cups Tal como for ding Det for Tala ME GAW DER