Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, 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 $104,300 as of October 1, which consists of $23,100 of direct materials and $81,200 of conversion costs. During the month the company incurred the following costs:

Direct materials	$	146,900
Conversion		888,800

During October, the company started 160,000 units and transferred 170,000 units to finished goods. At the end of the month, the work in process inventory consisted of 30,000 units that were 80% complete with respect to conversion costs. Required: 1. Prepare the companys 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.