Problem 20-3A 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 $95,500 as of October 1, which consists of $20,100 of direct materials and $75,400 of conversion costs. During the month the company incurred the following costs:

Direct materials	$192,650
Conversion	1,040,600

During October, the company started 150,000 units and transferred 160,000 units to finished goods. At the end of the month, the work in process inventory consisted of 25,000 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.

Required 1

Required 2

Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method EUP. Conversion Units %Materials EUP-Materials % Conversion Total units Cost per equivalent unit of production Conversion Materials Costs Total costs + Equivalent units of production Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out: Costs EUP EUP 0 Cost per EUP EUP Total cost Direct materials Conversion Total costs transferred out Cost per EUP Costs of ending work in process EUP Total cost $0.00 $ Direct materials 0 $0.00 Conversion 0 Total cost of ending work in process Total costs accounted for Journal entry worksheet Record the transfer of goods to finished goods inventory. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31