Fast Co produces its product through a single processing department Direct materials are added at the start of production, and conversion costs are added ovenly 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 $88,300 as of October 1, which consists of $18,300 of direct materials and $70,000 of conversion costs. During the month the company incurred the following costs: Direct materials Conversion 5131.300 390, 160 During October, the company started 144.000 units and transferred 154.000 units to finished goods. At the end of the month, the work in process inventory consisted of 22.000 unts 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. 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 $88.300 as of October 1, which consists of $18,300 of direct materials and $70,000 of conversion costs. During the month the company incurred the following costs: Direct materials Conversion $121.000 890, 960 During October, the company started 144.000 units and transferred 154,000 units to finished goods. At the end of the month, the work in process inventory consisted of 22,000 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 Complete this question by entering your answers in the tabs below. Required Required 2 Prepare the company's process cost summary for October using the weighted average method. (Round "Cost par EUP" t 2 dacimal places. Total costs to account for Ces noured this period costs of begi ng work in process Tous count for: Direct materials Convenio $131,300 290, 950 During October, the company started 144,000 units and transferred 154,000 units to finished goods. At the end of the month, the work In process Inventory consisted of 22.000 units that were 80% complete with respect to conversion costs. Required: 1. Prepare the company's process cost summary for October using the welghod-average method. 2. Prepare the journal entry dated October 3110 transfer the cost of the completed units to finished goods Inventory Complete this question by entering your answers in the tabs below. Required Required 2 Prepare the company's process cost summary for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places) O Total costs to account for Costs incurred this period Costs of beginning work in process Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for inte Required 1 Required2 Prepare the company's process cost summary for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) ebook Ask 5 Print occount for Costs incurred this period Costs of beginning work in process Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit reconciliation Units to account for: Beginning work in process inventory - units Units started this period $ 0 ferences Total units to account for Total units accounted for Units completed and transferred out Ending work in process units Total units accounted for Equivalent units of production (EUP)- weighted average method Units Materials EUP Materials * Conversion EUP Conversion Units completed and transferred out Ending work in process- units Total units Cost per equivalent unit of production Cost of beginning work in process Materials Conversion Unit reconciliation Units to account for Beginning work in process inventory - units Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending work in process - units Total units accounted for Equivalent units of production (EUP)- weighted average method Units % Materials EUP Materials % Conversion EUP Conversion Materials Conversion ce Units completed and transferred out Ending work in process - units Total units Cost per equivalent unit of production Cost of beginning work in process Costs incurred this period Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for Costs Costs EUP EUP 0 EUP Cost of units transferred out: Cost per EUP Total cost Direct materials Conversion Tots posts transferred out Cost per EUP Total cost Costs of ending work in process EUP Units completed ferred out Ending work process Total units cored for Book sk Materials Units completed and transferred out Ending work in process is Total units Cost per equivalent unit of production Cost of beginning work in process Costs incurred this period Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Conversion Costs Costs ces EUP EUP 0 Total costs accounted for Cost of units transferred out EUP Cost per Total cost EUP Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per Total cost EUP $ 0.00 $ 0 $ 0.00 0 Direct materials Conversion Total cost of ending work in process Total costs accounted for Required 2 > Problems Swed Required: Required 2 Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Oct 31 Finished goods inventory
