Question

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

Answer 1

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

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