B 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 $98,100 as of October 1, which consists of $21,000 of direct materials and $77,100 of conversion costs. During the month the company incurred the following costs: Ded Direct materials Conversion $ 149,550 1,120,200 ok During October, the company started 153,000 units and transferred 163,000 units to finished goods. At the end of the month, the work in process inventory consisted of 26,500 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 finished goods inventory. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the company's process cost summary for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: : $ 0 Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: $ $ 0 Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method % EUP- % Units EUP. Materials Materials Conversion Conversion Total units Cost per equivalent unit of production Materials Conversion Costs EUP Costs EUP Total costs + + Equivalent units of production Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out: ol 0 EUP Cost per EUP Total cost EUP Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Cost per Total cost EUP $ 0.00 $ $ 0 o $ 0.00 ol 0 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 $98,100 as of October 1, which consists of $21,000 of direct materials and $77,100 of conversion costs. During the month the company incurred the following costs: Direct materials Conversion $ 149,550 1,120, 200 During October, the company started 153,000 units and transferred 163,000 units to finished goods. At the end of the month, the work in process inventory consisted of 26,500 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 finished goods inventory. Complete this question by entering your answers in the tabs below. 2 Required Required 1 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 1 Record the transfer of goods to finished goods inventory. Note: Enter debits before credits. General Journal Debit Credit Date Oct 31 Record entry View general journal Clear entry
