Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows.DirectMaterialsPercent CompleteConversionPercentCompleteBeginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in process inventoryBeginning work in process inventoryDirect materialsConversionCosts added this periodDirect materialsConversionTotal costs to account forRequired:Units$38,000156,000166,00028,000100\%80\%$$ $21,90078,400181,800788,240$$ $100,300970,040$$ $1,070,3401.$ Prepare the Cutting department's production cost report for October using the weighted average method$\mathrm{.}2.$ Prepare the October $31$ journal entry to transfer the cost of completed units from cutting to Assembly.