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 Cuttingdepartment follows. DirectMaterials ConversionPercent PercentUnits Complete CompleteBeginning work in process inventory 39,000Units started this period 158,000Units completed and transferred out eEnding work in process inventory 29,000 Beginning work in process inventory Direct materials $ 22,500 Conversion 79,800 R PRCosts added this period Direct materials 204,050 Conversion 837,960 L Total costs to account for . E N 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. Complete this question by entering your answers in the tabs below. Required 1Required 2Prepare the Cutting department's production cost report for October using the weighted average method.Note: Round "Cost per EUP" to 2 decimal places.FAST COMPANY-Cutting DepartmentProduction Cost Report - Weighted Average MethodFor Month Ended October 31Unit reconciliation:Units to account for:Units to account forTotal units accounted for:Total units accounted forEquivalent units of production (EUP)Direct MaterialsConversionUnits% CompleteEUP% CompleteEUPFnilivalent I Inits of Production Units% CompleteEUP% CompleteEUPEquivalent Units of ProductionCost per equivalent unit of productionDirect MaterialsConversionTotal costsCostsCosts+ Equivalent units of productionEUPEUPCost per equivalent unit of productionCost AssignmentCompleted and transferred outEUPCost per EUPTotal costDirect materialsConversionEnding work in processDirect materialsConversionTotal costs accounted for Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. View transaction list Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits. October 31