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 consists of $21,600 of direct materials and $77,700 of conversion costs. During the month the company incurred the following costs: Direct materials $ 170,900 Conversion 763,800 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 27,500 units that were 80% complete with respect to conversion costs. Required: 1. Prepare the companys 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: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: $ Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method EUP- Units EUP- % Conversion Materials Materials % Conversion conversion Total units Cost per equivalent unit of production Materials Conversion Costs Costs EUP EUP Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: 0 Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Cost per Costs of ending work in process EUP EUP Total cost Direct materials $ $ $ 0.00 0.00 Conversion Total cost of ending work in process Total costs accounted for Required 1 Required 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 Record entry Clear entry View general journal