Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Direct Materials Conversion Percent Complete Complete Percent Units Beginning work in process inventory Units started this period 37,500 155,000 Units completed and transferred out 165,000 Ending work in process inventory 27,500 100% 80% Beginning work in process inventory Direct materials $ 21,600 77,700 $ 99,300 170,900 763,800 934,700 Conversion Costs added this period Direct materials Conversion Total costs to account for Required: $ 1,034,000 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Prepare the Cutting department's production cost report for October using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. FAST COMPANY-Cutting Department Production Cost Report - Weighted Average Method For Month Ended October 31 Unit reconciliation: Units to account for: Units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Direct Materials Units % Complete Costs EUP Conversion EUP % Complete EUP Direct Materials EUP Cost per EUP Total cost Costs EUP Conversion Journal entry worksheet < 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date October 31 General Journal Debit Credit