Business, 15.02.2020 00:13 robertjoy19

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 $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:
Direct materials $144,400
Conversion 862,400

During October, the company started 140,000 units and transferred 150,000 units to finished goods. At the end of the month, the work in process inventory consisted of 20,000 units that were 80% complete with respect to conversion costs. Prepare the company’s process cost summary for October using the weighted-average method.

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Fast Co. produces its product through two processing departments. Direct materials are added at the...

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