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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

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 30,000
Units started this period 140,000
Units completed and transferred out 150,000
Ending work in process inventory 20,000 100% 30%

Beginning work in process inventory
Direct materials $ 17,100
Conversion 67,200 $ 84,300
Costs added this period
Direct materials 144,400
Conversion 862,000 1,006,800
Total costs to account for $ 1,091,100

Required: 1. Prepare the Cutting departments 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.

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