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 $103,300 as of October 1, which consists of $22,800 of direct materials and $80,500 of conversion costs. During the month, the Cutting department incurred the following costs: Direct materials $ 136,000 Conversion 863,240 During October, the company started 140,000 units and transferred 150,000 units to finished good. 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.
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.