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Can someone please help me figure this out? Fast Co. produces its product through a single processing department. Direct materials are added at the start
Can someone please help me figure this out?
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 $102,300 as of October 1, which consists of $22,500 of direct materials and $79,800 of conversion costs. During the month the company incurred the following costs: Direct Conversion materials 204,050 837,960 During October, the company started 158,000 units and transferred 168,000 units to finished goods. At the end of the month, the work in process inventory consisted of 29,000 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 Total costs to account for Costs of beginning work in process Costs incurred this period Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: 0 Beginning work in process inventory units Units started this period Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method EUP Conversion Units % Materials EUP-Materials % Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs EUP Equivalent units of production Cost per equivalent unit of production EUP 0 0 Total costs accounted for: Cost perTotal cost Cost of units transferred out: EUP EUP Direct materials Conversion Total costs transferred out Cost perTotal cost Costs of ending work in process EUP EUP $0.00$ $ 0.00 Direct materials Conversion Total cost of ending work in process Total costs accounted for Journal entry worksheet Record the transfer of goods to finished goods inventory. Note: Enter debits before credits Date General Journal Debit Credit Oct 31 Record entry Clear entry View general journalStep by Step Solution
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