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 $96,300 as of October 1 which consists of $20,700 of direct materials and $75,600 of conversion costs. During the month, the Cutting department incurred the following costs: Direct materials Conversion $ 139, 100 1,094,320 At the beginning of the month, 36,000 units were in process. During October, the company started 152,000 units and transferred 162,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 26,000 units that were 80% complete with respect to conversion costs Required: 1. Prepare the Cutting department's process cost summary for October using the welghted-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 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 $ 96,300 Costs incurred this period Total costs to account for: $ 96,300 Total costs accounted for Difference due to rounding costunit Unlt reconciliation: Units to account for: Beginning work in process inventory units Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending work in process units Total units accounted for Equivalent units of production (EUP).welghted average method Units Units completed and transferred out Ending work in process units Total units Cost per equivalent unit of production % Materials EUP Conversion 100% 100% EUP. Materials Conversion 100% 80% Materials Conversion TULER Materials Conversion Costs EUP Costs EUP 0 0 Cost per equivalent unit of production Cost of beginning work in process Costs incurred this period Total costs + Equivalent units of production Cost per equivalent unit of production Total costs accounted for: Cost of units transferred out: Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials EUP Cost per EUP Total cost EUP Cost per EUP Total cost $ 0.00 $ 0 $ 0.00 0 Conversion Total cost of ending work in process Total costs accounted for Red Required 2 > 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 list No Credit Date Debit View Journal entry worksheet General Journal Work in process inventory-Assembly Work in process inventory-Cutting 1 Oct 31
