Fast Co, produces its product through two processing departments. Direct materials are added at the start of production in the Cutting department, and corwersion costs are added evenly throughout each process. The company uses monthly reporting periods for its weighted-werage process costing system. The Work in Process Inventory Cutting account has a balance of $101,300 as of October 1 which consists of $22.200 of direct materials and $79,100 of conversion costs. During the month the Cutting department incurred the following costs: Direct materials Conversion 5192,350 812,960 At the beginning of the month, 38,500 units were in process. During October, the company started 157,000 units and transferred 167000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 28,500 units that were 80% complete with respect to conversion costs Required: 1. Prepare the Cutting department's process cost summary for October using the welghted average method. 2. Prepare the journal entry dated October 31 to transfor 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, (Rourd 'Cost per Pro 2 decimal places) TOXICO toccount for 0 Total cost of Total cost accounted for Dorence due to rounding conturit Un condon Units to account for Total units to account for 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.) ONCOL 0 Total costs to account for: Total costs accounted for Diference due to rounding cost Uncondition Units to account for O Total units to account for Total units accounted for Total units accounted for El rodar EPX Wedge chod UN om FVD Total units CODWINDO Costi Costs EUP EUP Totalcos Equivalent units of production Com per equivalent un of production To Costol units Wandferred out: EUP Cost per EUP Total cost Direct meals Units to account for Total units to account for Total units accounted for Total units accounted for Equivalent units of production (EUP) weghted average methods Units Materials EUP Materials Conversion EUP Conversion Total units Cost per Equivalent unit of production Materials Conwerin Costs Costs EUP EUP 0 EUP Cost per EUP Total cost Total costs |- Equivalent units of production Cost per equivalent unit of production Tol Costs accounted for Cost of units transferred out Derect materials Conversion Total cost transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP Cost per EUP Total cost $ 0.00 $ $ 0.00 0 0 Required 2 > 167.000 units to the Assembly depan 28,500 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 journal entry dated October 31 to transfer the cost of the partially completed units to Assembly View transaction lit Journal entry worksheet
