The following information was taken from the ledger of Cleveland Foundry: Click the icon to view the data from October.) Click the icon for additional information) Requirement Journalize the transfer of costs to the Finishing Department. (Hint: Complete the five-step process costing procedure to determine how much cost to transfer.) We need to begin the five-step process costing procedure by first summarizing the units to account for and computing the equivalent units. Forming Department Equivalent Unit Computation Month Ended October 31 Equivalent Units Physical Direct Conversion Flow of Production Materials Costs Units to account for: Flow of Units Units accounted for: Total equivalent units The next step is calculating the cost per equivalent unit (Enter the cost per equivalent unit to two decimal places) Forming Department Cost per Equivalent Unit Month Ended October 31 Direct Conversion Materials Costs Total Cost per equivalent unit Now we can calculate the total cost of the units completed and transferred out and the ending work in process. (Entor quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding stop) i Data Table $? Work in Process--Forming Beginning inventory, October 1 $ 46,930 Transferred to Finishing Direct materials 196,746 Conversion costs 161,100 Ending inventory ? Print Done i More Info X st is The Forming Department had 10,150 partially complete units in beginning work in process inventory. The department started work on 71,050 units during the month and ended the month with 8,200 units still in work in process. These unfinished units were 60% complete as to direct materials but 20% complete as to conversion work. The beginning balance of $46,930 consisted of $21,430 of direct materials and $25,500 of conversion costs. Print Done Terms Assembly Department Month Ended October 31 Assigning Costs Conversion Direct Materials Costs Total Completed and transferred out: Ending work in process: Total costs accounted for Finally, journalize the transfer of costs to the Finishing Department. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit