and part 2

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 $85,300 as of October 1, which consists of $17,400 of direct materials and $67,900 of conversion costs. During the month the company incurred the following costs 00:0257 Direct materials Conversion 136,9se 819,328 During October, the company started 141,000 units and transferred 151,000 units to finished goods. At the end of the month, the work in process inventory consisted of 20,500 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 finlshed 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 Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit r Units to account for: Total units to account for Total units accounted for Total units accounted for Equivalent units of production (EUPH weighted average method EUP Units % Materials | EUP. Materials | % Conversion Total uni Materials Total costs - Equivalent units of production Cost per equivalent unit of production Costs Costs EUP EUP costs for: Cost per EUP Cost of units transferred out EUP Total cost Direct msternials Total costs transferred out Cost per Total cost Costs of anding work in process EUP EUP Direct materas 0.00 0.00 Total cost of ending work in process Total costs accounted for Required 1 Required2 Required: 1. Prepare the company's process cost summary for October using the welghted-average method. 2. Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods Inventory 7 Complete this question by entering your answers in the tabs below 00:01:39 Required 1Required 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. Date General Journal Debit Credit Oct 31