Fast Co. produces its product through a single processing department. Direct mat

Question

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 $86,300 as of October 1, which consists of $17,700 of direct materials and $68,600 of conversion costs During the month the company incurred the following costs: 146,650 842,920 Conversion ces During October, the company started 142,000 units and transferred 152,000 units to finished goods. At the end of the month, the work in process inventory consisted of 21,000 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 Complete this question by entering your answers in the ta bs below

Explanation / Answer

1.

2.

Total costs to account for: Costs of beginning work in process 86300 Costs incurred this period 989570 Total costs to account for: 1075870 Total costs accounted for 1075870 Difference due to rounding cost/unit 0 Unit reconciliation: Units to account for: Beginning work in process inventory - units 31000 Units started this period 142000 Total units to account for 173000 Total units accounted for: Units completed and transferred out 152000 Ending work in process - units 21000 Total units accounted for 173000

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.