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 $100, 300 as of October 1, which consists of $21.900 of direct materials and $78.400 of conversion costs During the month the company incurred the following costs Direct materials Converslon $181.500 788,24 During October, the company started 156,000 units and transferred 166,000 units to finished goods. At the end of the month, the work in process inventory consisted of 28,000 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 est summary for October using the weighted average method (Round Ouet per podedmar places.) 5 100 300 970,940 1,070 340 $ 5 Fatal coats to account for Costs of beginning work in process Costs incurred this period Total costs to account for Totalcoss accounted for Difference due to rounding costruit Tini reconciliation Units to account for: Beginning work in process inventory units Units sorted this perind Total units to account for Total units accounted for $ Difference due to rounding costunit Unit reconciliation: Units to account for: Beginning work in process inventory units Units started this period Total units to account for Total units accounted for 0 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 peoduction Materials Convection Costs FUP Costi EUR 0 D EUP Cost per Total cost EUP Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals Total costs accounted for Cast of units transferred out Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for Total cost Cost per EUP 5 0.00 5 0.00 5 0