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 $21600 of direct materials and $77,700 of conversion costs. During the month the company incurred the following costs: Direct materials Conversion $170.900 763,300 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 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. 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: Total costs to account for Total costs accounted for Difference due to rounding costunit Unit reconciliation: Units to account for: ces Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method Units % Materials EUP. Materials % Conversion EUP Conversion Total units Cost per equivalent unit of production Conversion Total costs Costs Costs EUP EUP -Equivalent units of production Cost per equivalent unit of production rounded to 2 decimals) Total costs accounted for Cost of units transferred out EUP Cost per EUP Total cost Direct materials Conversion Total cost transferred out Total costs accounted for: EUP Cost per EUP Total cost Cost of units transferred out 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 EUP Cost per EUP Total cost 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