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 42,500 Units started this period 165,000 Units completed and transferred out 175,000 Ending work in process inventory 32,500 100% ces Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required: $ 24,600 84,700 $ 109,300 203,650 1,020,800 1,224,450 $1,333,750 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. Equivalent units of production (EUP) Completed and transferred out Ending work in process Equivalent Units of Production Cost per equivalent unit of production Cost of beginning work in process Costs added this period 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 2010] Units % Complete Direct Materials EUP Conversion % Complete EUP 175,000 100% 175,000 100% 175,000 32,500 100% 32,500 80% 207,500 207,500 26,000 201,000 Direct Materials Conversion $ 24,600 84,700 203,650 1,224,450 Costs $ 228,250 Costs $ 1,309,150 EUP EUP 0 0 EUP Cost per EUP Total cost 24,600 $ 0.00 $ 0 84,700 $ 0.00 0 Total costs accounted for 0 $ 0