Katy corp. uses single processing for its production. Direct materials are added at the start of production, and conversion costs (direct labor and factory overhead) are added evenly throughout the process.

The company uses monthly reporting periods for its weighted-average process costing system.

The following is Katy’s balance as of October 1 of this year:

Work in process inventory ………………$84,300

(which consisted of $17,100 of direct materials and $67,200 of conversion costs).

During October, Katy incurred the following costs:

Direct materials . . . . . …………….. . . . $144,400

Conversion costs. . . . . . . . . . . . ………... 862,400

Additionally, during October, the company started 140,000 units and transferred 150,000 units to finished goods. at the end of October, the work in process inventory consisted of 20,000 units that were 80% complete with respect to conversion costs.

Required

Prepare the company’s process cost summary for October this year using the weighted-average method. Prepare the journal entry dated October 31 this year to transfer the cost of the completed units to finished goods inventory.