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 $104,300 as of October 1, which consists of $23,100 of direct materials and $81.200 of conversion costs. During the month, the Cutting department incumed the following costs Direct materials Conversion $146,900 888,800 At the beginning of the month, 40.000 units were in process. During October, the company started 160.000 unes and transferred 170 000 uses to the Assembly department At the end of the month, me Cuming departments work in process inventory consisted of 30,000 units that were 80% complete with respect to conversion costs Required: 1. Prepare the Cutting departments process cost summary for October using the weighted-average method 2. Prepare the journal entry dated October 31 to transfer the cost of the partiany completed units to Assembly Complete this question by entering your answers in the tabs below.