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 $92,300 as of October 1, which consists of $19,500 of direct materials and $72,800 of conversion costs. During the month, the Cutting department incurred the following costs: Direct materials Conversion $171,600 990,400 At the beginning of the month, 34,000 units were in process. During October, the company started 148,000 units and transferred 158,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 24,000 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. 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: 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 for Equivalent units of production (EUP)- weighted average method Units % Materials EUP-Materials % Conversion EUP- Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Costs Total costs - Equivalent units of production Cost per equivalent unit of production EUP EUP Total costs accounted for: EUP Cost per EUP Total cost Cost of units transferred out: Direct materials Conversion EUP Cost per EUP Total cost Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Required 1 Required 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. General Journal Debit Credit Date Oct 31 ( [ Record entry Clear entry View general journal