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 $95,300 as of October 1, which consists of $20,400 of direct materials and $74,900 of conversion costs. During the month, the Cutting department incurred the following costs: Direct materials $ Conversion 128,000 1,067,920 At the beginning of the month, 35,500 units were in process. During October, the company started 151,000 units and transferred 161,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 25,500 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. 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 95,300 1,196,720 $ 1,292,020 Total costs to account for Total costs accounted for Difference due to rounding cost/unit Unit reconciliation Units to account for Beginning work in process inventory units Units started this period Total units to account for Total units accounted for $ 151,000