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Maurinko [17]
3 years ago
9

Fast Co. produces its product through two processing departments. Direct materials are added at the start of production in the C

utting department, and conversion costs are added evenly throughout each process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory-Cutting account has a balance of $95,300 as of October 1, which consists of $20,400 of direct materials and $74,900 of conversion costs.
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
Business
1 answer:
enyata [817]3 years ago
7 0

Answer

1. Answer for part one and two are added in attachment.

Explanation:

1. For part one , process summary cost is attached in files.

2. Answer for section two is :

Date Title of accounts Total Debit ($) Total Credit ($)

31-Oct Work In Process Inventory - Assembly 1,143,100.00

     Work In Process Inventory - Cutting 1,143,100.00

Download xlsx
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