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 31,500 Units started this period 143,000 Units completed and transferred out 153,000 Ending work in process inventory 21,500 100% 80% Beginning work in process inventory Direct materials $ 18,000 Conversion 69,300 $ 87,300 Costs added this period Direct materials 121,600 Conversion 866,800 988,400 Total costs to account for $ 1,075,700 Required: Prepare the Cutting departments 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