Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 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 $109,300 as of October 1, which consists of $24,600 of direct materials and $84,700 of conversion costs During the month the company incurred the following costs: $ Direct materials Conversion 203,650 1,020,800 During October, the company started 165,000 units and transferred 175,000 units to finished goods. At the end of the month, the work in process inventory consisted of 32,500 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 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: Costs of beginning work in process Costs incurred this period Total costs to account for: 109,300 1,223,650 1,332,950 $ Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: 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 (EVP)- weighted average method Units % Materials EUP-Materials % Conversion EUP- Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Costs EUP Costs EUP 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 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
