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 32,500 145,000 Units completed and transferred out 155,000 Ending work in process inventory 22,500 100% 80% Beginning work in process inventory Direct materials $ 18,600 70,700 $ 89,300 Conversion Costs added this period Direct materials Conversion Total costs to account for 141,150 915,400 1,056,550 $ 1,145,850 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 Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for 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 EUP Cost per EUP Total cost Costs EUP Conversion View transaction list Journal entry worksheet 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date October 31 General Journal Debit Credit Record entry Clear entry View general journal < Required 1 Required 2