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 weig hted-average process costing system. The Work in Process Inventory-Cutting account has a balance of $108,300 as of October 1, which consists of $24,300 of direct materials and $84,000 of conversion costs. During the month. the Cutting department incurred the following costs: Direct materials $192 , DUO Conversion 993, 940 At the beginning ofthe month. 42,000 units were in process. During October, the company started 164,000 units and transferred 174,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 32,000 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 thle 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 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 forEquivalent units of production (EUP)- weighted average method EUP- Units Materials EUP- Materials % Conversion Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs + Equivalent units of production EUP EUP Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials ConversionTotal cost of ending work in process Total @0513 accounted for Required 2 \"'2 Required 1 Required 2 Prepare the journal entry dated October 31 to transfer the cost of the partially completed units to Assembly. View transaction list Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31