16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 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 $85,300 as of October 1, which consists of $17.400 of direct materials and $67,900 of conversion costs. During the month, the Cutting department incurred the following costs: Direct materials Conversion $136,950 819,320 At the beginning of the month, 30,500 units were in process. During October, the company started 141,000 units and transferred 151,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 20,500 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. Check m ces Prepare the Cutting department's process cost summary for October using the weighted-average method. (Rou Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for 5 nts S Equivalent units of production (EUP)- weighted average method eBook Print eferences Total units Cost per equivalent unit of production Total costs Equivalent units of production Cost per equivalent unit of production Total costs accounted for Cost of units transferred out Direct materials Conversion Total costs transferred out Costs of ending work in process W Direct materials Conversion Total cost of ending work in process Units % Materials EUP-Materials % Conversion Costs EUP Materials EUP Cost per EUP Total cost EUP Cost per EUP Total cost < Prev 5 of 5 Next Casts EUP EUP Conversion Conversion 5 I Total costs Equivalent units of production Cost per equivalent unit of production Total costs accounted for Book Cost of units transferred out Print Direct materials ferences Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Costs EUP EUP Cost per EUP Total cost EUP Cost per EUP Total cost Required 2 > Costs EUP Check my work ts Journal entry worksheet 1 Book Print erences Record the transfer of goods to next department. Note: Enter debits before credits, Date Oct 31 General Journal Journal Debit Credit Record entry Clear entry View general journal