Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows.

Units Direct Materials Conversion

Percent Complete Percent Complete

Beginning work in process inventory $41,000$

Units started this period $162,000$

Units completed and transferred out $172,000$

Ending work in process inventory $31,000100\%80\%$

Beginning work in process inventory

Direct materials $ $23,700$

Conversion $82,600$ $ $106,300$

Costs added this period

Direct materials $169,150$

Conversion $940,7601,109,910$

Total costs to account for $ $1,216,210$

Required:

Prepare the Cutting department$$s production cost report for October using the weighted average method.

Prepare the October $31$ journal entry to transfer the cost of completed units from cutting to Assembly.