?https://newconnect.mheducation.com/flow/connect.html omework Fast Co.produces i

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?https://newconnect.mheducation.com/flow/connect.html omework Fast Co.produces its product through a single processing department Drect materials are conversion costs are added eventy throughout the process. The company uses monthly reporting periods for its process costing system. The Work in Process Insentory elghted-average account has a balance of $107 300 as of October 1, which conakts of $24,000 of direct materials and $83.300 of conversion costs During the morth the company incurred the following costs Direct saterials $188,588 Conversion 967,160 During October, the company started 163,000 unts and trancferred 173,000 units to finiched goods. At the end of the month, the work in process inventory consisted of 31,500 units that were 80% complete with respect to conversion costs. Required 1. Prepare the company's process cost summary for October using the weightedaverage method. 2 Prepare the journal entry dated October 31 to transfer the cost of the completed unts to Complete this question by entering your answers in the tabs below. Required Required 2 Prepare the company's process coet summary for October using the weighned-average method. (Round "Cost per EUP to 2 decimsal places.) Total costs to account for Total costs to account for Total costs accounted for Difference due to rounding costiunt Units to account for CPrev10 of 10 e to search

Explanation / Answer

total costs to account for: Beginning work in process 107,300 cost added during the year 1147660 total costs to account for: 1,254,960 total costs accounted for 1,254,960 Difference due to rounding 0 Unit reconciliation: units to account for: Beginning work in process 41,500 started during the year 163,000 total units to account for 204,500 Total units accounted for transferred to finished goods 173,000 ending work in process inventor 31,500 total units accounted for 204,500 Equivalent units of production-(EUP)-weighted average method units % EUP- % EUP materials materials converstion CC transferred to finished goods 173,000 100% 173,000 100% 173,000 ending work in process inventory 31,500 100% 31,500 80% 25200 total units 204,500 198,200 Cost per Equivalent units of production Materials Conversion Beginning work in process 24,000 83,300 cost added during the year 180,500 967,160 total costs costs 204,500 costs 1,050,460 equivalent units of production EUP 204,500 EUP 198,200 Cost per Equivalent units of production 1 5.3 total costs accounted for cost of units transferred out: EUP cost EUP total direct materials 173,000 1 173000 conversion 173,000 5.3 916900 total costs transferred out 1089900 cost of ending work in process EUP cost EUP total direct materials 31,500 1 31500 conversion 25,200 5.3 133560 total cost of ending work in process 165060 total costs accounted for 1254960 Req 2 General Journal Debit Credit finished goods inventory 1089900 work in process inventory 1089900

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