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Prepare the Cutting department's process cost summary for October using the welghted-average method. (Round "Cost per Eup" to 2 decimal places.) Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits. 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 $89,300 as of October 1 , which consists of $18,600 of direct materials and $70,700 of conversion costs. During the month, the Cutting department incurred the following costs: At the beginning of the month, 32,500 units were in process. Ouring October, the company started 145,000 units and transferred 155,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 22,500 units that were 80% complete with respect to conversion costs. Required: 1. Prepare the Cutting department's process cost summary for October using the weighted-average method. 2. Prepare the joumal 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