Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Units Direct Materials Percent Complete Conversion Percent Complete Beginning work in process inventory Units started this period 33,000 146,000 Units completed and transferred out Ending work in process inventory 156,000 23,000 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 18,900 71,400 $ 90,300 151,150 940,120 1,091,270 $ 1,181,570 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.