Check my work Propiem J-JA weighted average: Process COST Summary; equivalent units LU LG,, 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 $84,300 as of October 1, which consists of $17,100 of direct materials and $67,200 of conversion costs. points ( 8 00:37:03 During the month the company incurred the following costs: Direct materials Conversion $144,400 862,400 eBook Print References During October, the company started 140,000 units and transferred 150,000 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. 2. Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory. Prepare the company's process cost summary for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) $ 84,300 $ 84,300 1,091,100 (1,006,800) $ Total costs to account for: Costs of beginning work in process Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Units started this period Beginning work in process inventory - units Total units to account for Total units accounted for: Units completed and transferred out 30,600 149,000 179,600 159,000 Ending work in process - units 23 6001 UTILU VUITTpiuluu uuu uuLTQIUITUU vuu ruuuuuu Ending work in process - units 23,600 Total units accounted for 182,600 Equivalent units of production (EUP)- weighted average method EUP- Units % Materials EUP- Materials % Conversion Conversion Units completed and transferred out 150,000 100% 150,000 100% 150,000 Ending work in process - units 150,000/ 100% 150,000 80% 120,000 Total units 300,000 300,000 270,000 Cost per equivalent unit of production Materials Conversion Costs incurred this period | $ 171,400 | $ 952,400 Cost of ending work in process 19,800 [ 73,500 Total costs Costs | $ 191,200 Costs $ 1,025,900 - Equivalent units of production EUP 182,600| 177,880 Cost per equivalent unit of production (rounded to 2 decimals) $ 1.05 | $ 5.77 Total costs accounted for: EUP Cost of units transferred out: EUP Cost per EUP Total cost I EUP EUP - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: 182,600 1.05 177,880| 5.77 $ $ Cost of units transferred out: EUP 150,000 150,000 Direct materials Conversion Total costs transferred out Cost per EUP $ 0.95 $ 5.60 Total cost $ 142,500 840,000 $ 982,500 Costs of ending work in process EUP Total cost Direct materials Conversion Total cost of ending work in process $ Cost per EUP $ 0.95 $ 5.60 20,000 16,000 19,000 89,600 108,600 1,091,100 Total costs accounted for $ Required 1 Required 2 Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory. View transaction list View journal entry worksheet Date General Journal Credit No 1. Debit 982,500 Oct 31 Finished goods inventory Work in process inventory 982,500