Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted average process cost accounting system. Its Goods in Process Inventory account follows after entries for direct materials, direct labor, and overhead costs forOctober.
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Its beginning goods in process consisted of $ 59,450 of direct materials, $ 172,800 of direct labor, and $ 103,680 of factory overhead. During October, the company started 140,000 units and transferred 150,000 units to finished goods. At the end of the month, the goods in process inventory consisted of 20,000 units that were 80% complete with respect to direct labor and factory overhead.
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.