Problem

Weighted average:

Process cost summary;

equivalent units

Fast Co$.$ produces its product through two processing departments: Cutting and Assembly. Direct materi$-$

als are added at the start of production in the Cutting department, and conversion costs are added evenly

throughout each process. The company uses monthly reporting periods for its weighted$-$average process

costing system. The Work in Process Inventory$-$Cutting account has a balance of $$84,300$ as of October $1,$

which consists of $$17,100$ of direct materials and $$67,200$ of conversion costs.

During the month, the Cutting department incurred the following costs.

Direct materials.

At the beginning of the month, $30,000$ units were in process in the Cutting department. During October,

the Cutting department started $140,000$ units and transferred $150,000$ units to the Assembly department.

At the end of the month, the Cutting department's work in process inventory consisted of $20,000$ units that

were $80\%$ complete with respect to conversion costs.

Required

Prepare the Cutting department's process cost summary for October using the weighted$-$average

method.

Prepare the journal entry dated October $31$ to transfer the cost of the partially completed units to

Assembly.

Check $(1)$ Costs transferred.

out, $$982,500$