Problem 20-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4

Problem 20-3A 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 $98,300 as of October 1, which consists of $21,300 of direct materials and $77,000 of conversion costs. During the month the company incurred the following costs: Direct materials Conversion $ 160,150 813,880 During October, the company started 154,000 units and transferred 164,000 units to finished goods. At the end of the month, the work in process inventory consisted of 27,000 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 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: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials % Conversion EUP. Conversion Total units Cost per equivalent unit of production Materials Conversion Costs EUP Costs EUP Total costs - Equivalent units of production Cost per equivalent unit of production 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 EUP Total cost Direct materials Conversion Total cost of ending work in process Total costs accounted for