Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory 41,500 163,000 173,000 31,500 100% 80% Beginning work in process inventory Direct materials $ 24,000 83,300 Conversion $ 107,300 Costs added this period Direct materials 180,500 967,160 1,147,660 $ 1,254,960 Conversion Total costs to account for 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. FAST COMPANY-Cutting Department Production Cost Report Weighted Average Method For Month Ended October 31 Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Completed and transferred out Direct Materials Conversion Units % Complete EUP % Complete EUP Total units Cost per equivalent unit of production Direct Materials Conversion Total costs Costs Costs + Equivalent units of production EUP EUP Cost per equivalent unit of production Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Total completed and transferred out Ending work in process Direct materials 2$ 0.00 $ Conversion $ 0.00 Total ending work in process Total costs accounted for Journal entry worksheet 1 > Record the transfer of goods to next department. Note: Enter debits before credits. Date General Journal Debit Credit October 31 Record entry Clear entry View general journal < Required 1 Required 2