Business
Business, 20.04.2020 22:19, bbrogle4070

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 $98,300 as of October 1, which consists of $21,300 of direct materials and $77,000 of conversion costs.

During the month, the Cutting department incurred the following costs:

Direct materials $ 204,050
Conversion 837,960

At the beginning of the month, 39,000 units were in process. During October, the company started 158,000 units and transferred 168,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 29,000 units that were 80% complete with respect to conversion costs.

Prepare the Cutting department's process cost summary for October using the weighted average method.

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