Fast Company produces its product through two processing departments: Cutting and Assembly. Information for department follows. Direct Materials Percent Complete Conversion Percent Complete Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 38,000 156,000 166,000 28,000 100% 80% $ 21,900 78,400 $ 100,300 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion 181,800 788,240 970,040 $ 1,070,340 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 EUP EUP 0 0 EUP Cost per EUP Total cost - Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion Total completed and transferred out Ending work in process Direct materials $ 0.00 $ 0 Conversion $ 0.00 0 Total ending work in process Total costs accounted for Journal entry worksheet