Problem 20-3A Weighted average: Process cost su Fast Co. prod mmary; equivalent units C2 C3 P4 uces its product through a single processing department. Direct materials ded at thstart of production, and conversion costs are added evenly throughout he process. The process $84,300 as of October 1 conversion costs. e company uses monthly reporting periods for its weighted-average costing system. The Work in Process Inventory account has a balance of , which consists of S17,100 of direct materials and $67,200 of Direct materials $144,400 During the month, the company incurred the following costs: Conversion 862,400 During October, the company started 140,000 units and transferred 150,ooo units to finished goods. At the end of the month, the work in process inventory consisted of 20,000 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. Check (1) Costs transferred out to finished goods, $982,500 Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory 2