Check my work Fast Co produces its product through a single

Check my work 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 Öctobe of direct materials and $74,900 of conversion costs r 1, which consists of $20,400 10 points During the month the company incurred the following costs Direct materials Conversion 5 128,880 1,867,928 During October, the company started 151,000 units and transferred 161,000 units to finished goods At the end of the month, the work Print in process inventory consisted of 25,500 units that were 80% complete with respect to conversion costs Required: 2. Prepare the journal entry dated October 31 to transfer References 1 pare the company\'s process cost summary for October using the weighted-average method 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 epare the company\'s process cost summary for October using the weighted-average method. (Round\"Cost per EUP\' to 2 decimal places.) Tatal coets to account for Total costs accounted for Difference due to rounding costunn Units to account for Total units to account for Total units accounted for: Total units accounted for Units Tolal units Total costs Costs Costs EUP EUP per equivalent unt of production (rounded to 2 decmals) Cost of urits transtened out: Cost per Total cost Direct materials Tolal costs transterred out Costs of ending work in process Cost per Total cost EUP Direct matenals Total cost of ending work in process Total costs accounted for Required 2 Prev 1 of Next

Solution

UNITS TO ACCOUNT FOR: Beginning Work in Process units 35,500 Add: Units Started in Process 151,000 Total Units to account for: 186,500 UNITS TO BE ACCOUNTED FOR: Units started and completed 161,000 Ending Work in Process 25,500 Total Units to be accounted for: 186,500 Equivalent Units: Units Material Cost Conversion % Completion Units % Completion Units Units started and completed 161000 100% 161,000 100% 161,000 Ending Work in Process 25500 100% 25,500 80% 20,400 Total Equivalent units 186,500 181,400 TOTAL COST TO ACCOUNT FOR: Material Conversion Beginning work in Process 20,400 74,900 Cost Added during May 128,800 1,067,920 Total Cost to account for: 149,200 1,142,820 Equivalent Units 186,500 181,400 Cost per Equivalent unit 0.8 6.3 TOTAL COST ACCOUNTED FOR: Units started and Transferred out (161000 units) Equivalent unit Cost per EU Total Cost Material 161,000 0.8 128800 Conversion Cost 161,000 6.3 1014300 Total Cost of Units completed and transferred out: 1143100 Ending Work in process (25500 units) Equivalent unit Cost per EU Total Cost Material 25,500 0.8 20400 Conversison Cost 20,400 6.3 128520 Total cost of Ending Work in process: 148,920 Total cost accounted for: 1,292,020 Journal entry for transferred out: Finished Goods inventory Account Dr. 1143100     Work in process inventory Account 1143100