Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting 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 30,000 140,000 150,000 20,000 100% 80% $ 17,100 67,200 $ 84,300 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 144,400 862,400 1,006,800 $ 1,091, 100 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. 30,000 140,000 170,000 Units to account for: Beginning work in process inventory Units started this period Units to account for Total units accounted for: Completed and transferred out Ending work in process Total units accounted for Equivalent units of production (EUP) 150,000 20,000 170,000 Units 150,000 20,000 170,000 Conversion % EUP Complete 100% 150,000 30% X 6,000 156,000 Conversion Direct Materials % EUP Complete 100% 150,000 100% 20,000 170,000 Direct Materials $ 17,100 144,400 Costs $ 161,500 EUP 170,000 $ 0.95 IS Completed and transferred out Ending work in process Equivalent Units of Production Cost per equivalent unit of production Cost of beginning work in process Cost of ending work in process Total costs * Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out 67,200 x 862.400 Costs IS 929.600 EUP 156,000 X S 5.96 Total cost Direct materials EUP Cost per EUP 150,000 $ 0.95$ 150,000 $ 5.96 % 142,500 894,000 Conversion $ 1,036,500 Ending work in process Direct materials Conversion 20,000 $ 0.95 $ 19,000 6,000 X $ 5.96 35,760 54,760 Total costs accounted for $ 1.091.260 Required 1 Required 2 Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. View transaction list 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