Problem 3-2A (Static) 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 Direct Materials Percent Complete Conversion Percent Complete Units 30,000 140,000 150,000 20,000 100% 30% Beginning work in process inventory Units started this period 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 $17,100 67,200 $ 84,300 144,400 862.000 1,606,800 51.091.100 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 Answer is complete but not entirely correct. Required 1 Required 2 Prepare the Cutting department's production cost report for October using the weighted average method. (Round "Cost per EUP" places.) FAST COMPANY-Cutting Department Production Cost Report - Weighted Average Method For Month Ended October 31 Unit reconciliation: Units to account for: Beginning work in process 31.000 x Units started this period 142 000 X Total units to account for 173 000 Total units accounted for: Completed and transferred out 152 000 Ending work in process 21.000 Total units accounted for 173.000 Equivalent units of production (EUP) - weighted average method Direct Materials % Units EUP Complete Completed and transferred out 152,000 X 100% 152.000 Ending work in process 21000 100% 21,000 Total units 173,000 173 000 Direct Cost per equivalent unit of production Materials ORA Conversion % EUP Complete 100% 150,000 80% 16,800 166 800 Conversion en Equivalent units of prodottONEUPJweighted average method Ditect Materials Conversion Units EUP EUP Complete Complete Completed and transferred out 152,000 100% 152,000 100% 150,000 Ending work in process 21,000 100% 21,000 80% 16,800 Total units 173.000 173,000 166,800 Dinct Cost pit quivalent unit of production Conversion Materials Cost of beginning work in process 15 17,700 68,600 3 Costs added this period 146,650 842,920 X Total costs Costs IS 164,350 Costs 5 911,520 - Equivalent units of production EUP 173,000 EUP 158,800 X Cost per equivalent unit of production S $ 5.40 Cost Assignment Completed and transferred out EUP Total cost EUP Direct materials 152.000 s 0.95$ 144.400 Conversion 152 000 $ 5.40 820,800 Total completed and transfered out $ 965 200 Ending work in process Direct materials 21,000 $ 0.95 $ 19.950 Conversion 16,800 $ $ 540 90.720 Total ending work in process 110.670 Total costs accounted for S 1075 870 0.95 Cost per 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, Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the October 31 Journal entry to transfer the cost of completed units from cutting to Assembly No Credit Date October 31 General Journal Work in process inventory Assembly Work in process inventory Cutting Dobit 965,200 $ 1 965 2003