Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows.

	Units	Direct Materials	Conversion
		Percent Complete	Percent Complete
Beginning work in process inventory	41,500
Units started this period	163,000
Units completed and transferred out	173,000
Ending work in process inventory	31,500	100%	80%

Beginning work in process inventory
Direct materials	$ 24,000
Conversion	83,300	$ 107,300
Costs added this period
Direct materials	180,500
Conversion	967,160	1,147,660
Total costs to account for		$ 1,254,960

Required: 1. Prepare the Cutting departments 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.

Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Direct Materials Conversion Percent Percent Complete Complete Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 41,500 163,000 173,000 31,500 1000 808 $ 24,000 83,300 $ 107,300 Beginning work in process inventory Direet materials Conversion Costs added this period Direct materials Conversion Total costs to account for 180,500 967, 160 1,147,660 $ 1,254,960 Required: 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the Cutting department's production cost report for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) . " 2 FAST COMPANY-Cutting Department Production Cost Report - Weighted Average Method For Month Ended October 31 Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP) Direct Materials Conversion Units % Complete EUP % Complete EUP Equivalent Units of Production Cost per equivalent unit of production Direct Materials Conversion Costs Costs EUP EUP Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion EUP Cost per EUP Total cost Ending work in process Direct materials Conversion Total costs accounted for Required 1 Required 2 > Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Direct Materials Conversion Percent Percent Complete Complete Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 41,500 163,000 173,000 31,500 100% 80% $ 24,000 83,300 $ 107,300 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 180,500 967,160 1,147,660 $ 1,254,960 Required: 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. View transaction list Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits. Date General Journal Debit Credit October 31 Record entry Clear entry View general journal