Fast Company produces its product through two processing departments: Cutting and Assembly. Information for department follows. Direct Materials Conversion Percent Percent Complete Complete Units Beginning work in process inventory Units started this period 33,500 147,000 Units completed and transferred out Ending work in process inventory 157,000. 23,500 100% 808 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 19,200 72,100 $ 91,300 161,300 965,120 1,126,420 $ 1,217,720 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.