oped Problem 16-2A (Algo) Weighted Average: Production cost report LO P2, P4 Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows, Beginning work in process inventory Units started this period look Direct Materials Conversion Units Percent Complete Percent Complete 35,500 151,000 161,000 25,500 100% 80% rences Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 20,400 74,900 $ 95,300 128,800 1,067,920 1,196,720 $ 1,292,020 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