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 $90,300 as of October 1, which consisted of $18,900 of direct materials and $71,400 of conversion costs.

During the month the company incurred the following costs:

Direct materials	$162,400
Conversion	922,400

During October, the company started 146,000 units and transferred 156,000 units to finished goods. At the end of the month, the work in process inventory consisted of 22,400 units that were 80% complete with respect to conversion costs.

1.

Prepare the companys process cost summary for October using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)

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:
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
Units completed and transferred out	?	?		?
Ending work in process - units	?	?		?
Total units	?		?		?
Cost per equivalent unit of production			Materials		Conversion
Cost of beginning work in process			?		?
Costs incurred this period			?		?
Total costs		Costs	?	Costs	?
Equivalent units of production		EUP	?	EUP	?
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	Cost per EUP	Total cost
Direct materials	?	$0.00 ?	?
Conversion	?	$0.00 ?	?
Total cost of ending work in process
Total costs accounted for				?

2.

Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory.

Record the transfer of goods to finished goods inventory.

Date

General Journal

Debit

Credit

Oct 31

*Enter debits before credits