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 $107,300 as of October 1, which consists of $24,000 of direct materials and $83,300 of conversion costs During the month the company incurred the following costs Direct materials $180,500 967,160 Conversion During October, the company started 163,000 units and transferred 173,000 units to finished goods. At the end of the month, the work in process inventory consisted of 31,500 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 cost summary for October using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) 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 107,300 107,300 t reconciliation: Units to account for: Units started this period Beginning work in process inventory Total units to account for units Total units accounted for: Units completed and transferred out Ending work in process - units Total units accounted for