Problem 3-3A 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 $95,300 as of October 1 which consists of $20.400 of direct materials and $74,900 of conversion costs. During the month the company incurred the following costs: Direct materials Conversion $ 128,888 1,067,920 During October, the company started 151,000 units and transferred 161,000 units to finished goods. At the end of the month, the work in process inventory consisted of 25,500 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 incurred this period Costs of beginning work in process Total costs to account for: Total costs accounted for Difference due to rounding cost/unit $ 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: Units completed and transferred out Ending work in process - units Total units accounted for Equivalent units of production (EUP)- weighted average method Units EUP. Materials EUP. Materials % Conversion Conversion Units completed and transferred out Ending work in process - units Total units Cost per equivalent unit of production Materials Conversion EUP- USLIU a STTUU U Ending work in process - units Total units accounted for Equivalent units of production (EUP)-weighted average method Units % Materials EUP. Materials % Conversion Units completed and transferred out Ending work in process - units Total units Cost per equivalent unit of production Materials Cost of beginning work in process Costs incurred this period Total costs Costs Costs - Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) 0 Total costs accounted for: Cost of units transferred out: EUP Conversion Cost per Total cost EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process Total cost Cost per EUP $ 0.00 $ 0.00 $ Direct materials Conversion Total cost of ending work in process Total costs accounted for