16 0.58 points eBook Check my work 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 $92,300 as of October 1, which consists of $19,500 of direct materials and $72,800 of conversion costs. During the month, the Cutting department incurred the following costs: Direct materials Conversion $171,600 990,400 Print References At the beginning of the month, 34,000 units were in process. During October, the company started 148,000 units and transferred 158,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 24,000 units that were 80% complete with respect to conversion costs. Required: 1. Prepare the Cutting department'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 partially completed units to Assembly. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the Cutting department's process cost summary for October using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Costs of beginning work in process Costs incurred this period $ 92,300 Total costs to account for: $ 92,300 Total costs accounted for Difference due to rounding cost/unit $ 0 Unit reconciliation: Units to account for: Beginning work in process inventory - units 34,000 Units started this period 148,000 Total units to account for 182,000 Total units accounted for: Units completed and transferred out Ending work in process - units Total units accounted for Equivalent units of production (EUP)-weighted average method 158,000 24,000 182,000 EUP- Units % Materials FUP. Materials % Conversion