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re | https /newconnect.mheducation.com gin [, PACER Imported FronE ® Chase Paymentech ework - FED EX Paycor Secure Access D Login! The Office C Ofice 365 D- 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 $105,300 as of October 1, which consists of $23,400 of direct materials and $81,900 of conversion costs During the month the company incurred the following costs: Direct materials $157,958 Conversion 914,640 During October, the company started 161,000 units and transferred 171,000 units to finished goods. At the end of the month, the work in process inventory consisted of 30,500 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 Required 2

Solution

1.

2. Journal entry:

Total costs to account for:
Costs of beginning work in process	105300
Costs incurred this period	1072590
Total costs to account for:	1177890
Total costs accounted for	1177890
Difference due to rounding cost/unit	0
Unit reconciliation:
Units to account for:
Beginning work in process inventory - units	40500
Units started this period	161000
Total units to account for	201500
Total units accounted for:
Units completed and transferred out	171000
Ending work in process - units	30500
Total units accounted for	201500