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 $105,300 as of October 1, which consists of $23.400 of direct materials and $81,900 of conversion costs. During the month, the Cutting department incurred the following costs: Direct materials Conversion $157,950 914,640 At the beginning of the month, 40,500 units were in process, During October, the company started 161.000 units and transferred 171000 units to the Assembly department At the end of the month, the Cutting department's work in process inventory consisted of 30,500 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 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 dedmal places) Total costs to account for Total costs accounted for Difference due to rounding count Un mondon: Units to account for: Total units to nooount for Total units accounted for: Total units accounted for Equivalent unit of production (EUP-walohted average method Unit % Materials EUP. Material Convention EUP- Conversion Total units Cost per equivalent unit at production Matorials Conversion Costs EUP Costs EUP Total costs - Equivalent units of production Cost per equivalent unit of production Total oosts aboounted for Cost of units transferred out Direct materials 0 EUP Coct par EUP Total post EUP Conversion Total cost transferred out Costs of ending work in process Dract materials Conversion Total cost of onding work in process Total costs accounted for Coct par EUP Total cost 5 0.005 $ 0.00 0 0 Record the transfer of goods to next department. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31