Fast Co. produces its product through a single processing department. Direct materials are added at the s
Question:
Direct materials...............$144,400
Conversion......................862,400
During October, the company started 140,000 units and transferred 150,000 units to finished the end of the month, the work in process inventory consisted of 20,000 units that were 80% comp 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 g inventory.
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Related Book For
Financial and Managerial Accounting Information for Decisions
ISBN: 978-0078025761
6th edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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