ans Co. produces its product through a single processing department. Direct materials are added at the start of Proble materials are added at the start of Problem 16-3A and conversion costs are added evenly throughout the process. The company uses monthly report- Weighted average: ne periods for its weighted-average process costing system. The Work in Process Inventory account has a bal- Process cost summary ne of $84,300 as of October 1, w During the month, the company incurred the following costs hich consists of $17,100 of direct materials and $67,200 of conversion costs. equivalent units C2 C3 P4 Direct materials $144,400 862,400 Conversion During October, the company started 140,000 units and transferred 150,000 units to finished goods. At the end of the month, the work in process inventory consisted of 20,000 units that were 80% complete with respect to conversion costs. Required Check (1) Costs transferred out to finished $982,500 t. Prepare the company's process cost summary for October using the weighted-average method. 2. hepare the journal entry dated October 31 to transfer the cost of the completed units to finishedoodsoed gocds inventory nit cost information Units to account for Units accounted for Beginning work in process Completed & transferred out Units started this period Ending work in process Total units to account for Total units accounted for Equivalent units of production Direct Materials Conversion Units completed &transferred out Units of ending work in process Direct materials Conversion Equivalent units of production Direct Materials Cost per EUPp Cost of beginning work in process Costs incurred this period Conversion Total costs EUP EUP Cost per EUP ost assignment and reconciliation osts transferred out Direct materials Conversion osts of ending work in process Direct materials Conversion otal costs accounted for art 2 Oct. 31 Transfer of goods to finished goods inventory