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 $91,300 as of October 1, which consists of $19,200 of direct materials and $72,100 of conversion costs. During the month the company incurred the following costs:

Direct materials	$	161,300
Conversion		965,120

During October, the company started 147,000 units and transferred 157,000 units to finished goods. At the end of the month, the work in process inventory consisted of 23,500 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.

1)

2)

Total costs to account for: Costs of beginning work in process Costs incurred this period $ 91,300 Total costs to account for: $ 91,300 $ 0 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 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 % Materials EUP- Materials % Conversion EUP- 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: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Total cost Cost per EUP $ 0.00 $ 0.00 Direct materials Conversion $ Total cost of ending work in process T- -I -- - - -- - I- -- Journal entry worksheet