Weight averade: Process cost summary; equivalent units

Fast Co. produces its product through a single processing depatment. 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 is weighted-average process costing system. The Work in Process Inventory account has a balance of $84,300 as of October 1, which consisted of $17,100 of direct materials and $67,200 of conversion costs.

During the month the company incurred the following costs:

Direct materials.............$144,400

Conversion.....................862,400

During October , the company started 140,000 units and transferred 150,000 units to finished good. At the end of the month, the work in process inventory consisted of 20,000 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.