Please show calculations on how to obtain the answers for support.
17 Fast Co. produces its product through two processing departments. Direct materials are added at the start of production in the Cutting department, and conversion costs are added evenly throughout each process. The company uses monthly reporting periods for its weighted average process costing system. The Work in Process Inventory-Cutting account has a balance of $107,300 as of October 1, which consists of $24,000 of direct materials and $83,300 of conversion costs. 0.58 points 17 During the month, the Cutting department incurred the following costs: 0.58 points Direct materials Conversion $ 180,500 967,160 eBook At the beginning of the month, 41,500 units were in process. During October, the company started 163,000 units and transferred 173,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 31,500 units that were 80% complete with respect to conversion costs. Print References Required: 1. Prepare the Cutting department's process cost summary for October using the weighted-average method. 2. Prepare the journal entry dated October 31 to transfer the cost of the partially completed units to Assembly. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the Cutting department's process cost summary for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) $ 107,300 $ 107,300 Total costs to account for: Costs of beginning work in process Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Beginning work in process inventory - units Units started this period Total units to account for Total units accounted for: Units completed and transferred out Ending work in process - units Total units accounted for 41,500 Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials EUP- Conversion 100% 100% % Conversion 100% 80% Units completed and transferred out Ending work in process - units Total units Cost per equivalent unit of production Cost of beginning work in process Costs incurred this period Materials Conversion Costs Costs Total costs + Equivalent units of production Cost per equivalent unit of production EUP EUP Total costs accounted for: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Direct materials Cost per EUP Total cost 0.00 $ $ 0.00 Conversion Total cost of ending work in process Total costs accounted for Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry dated October 31 to transfer the cost of the partially completed units to Assembly. View transaction list Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits. General Journal Debit Credit Date Oct 31 Record entry Clear entry View general journal
