4 value: 375 points 3.75 points Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 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 $99,300 as of October 1, which consisted of $21,600 of direct materials and $77,700 of conversion costs. During the month the company incurred the following costs: Direct materials $189,400 1,012,400 During October, the company started 155,000 units and transferred 165,000 units to finished goods. At the end of the month, the work in process inventory consisted of 26,000 units that were 80% complete with respect to conversion costs