Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process inventory Units started this period 35,000 150,000 Units completed and transferred out 160,000 Ending work in process inventory 25,000 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 20,100 75,400 $ 95,500 192,650 1,040,600 1,233,250 Total costs to account for $ 1,328,750 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. 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 FAST COMPANY-Cutting Department Production Cost Report - Weighted Average Method For Month Ended October 31 Direct Materials Conversion Units % Complete EUP % Complete EUP Costs EUP Direct Materials Costs EUP Conversion Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for EUP Cost per EUP Total cost