Problem 16-3A Weighted Average: Process cost summary: equivalent units LO C2, C3, P4 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 $101,300 as of October 1 which consists of $22.200 of direct materials and $79.100 of conversion costs. During the month, the Cutting department incurred the following costs: Direct materials Conversion 5192,50 812,960 At the beginning of the month, 38,500 units were in process. During October, the company started 157,000 units and transferred 167.000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 28,500 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 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 EUD o 2 decimal places Total costs to account for Total costs to account for Total costs accounted for rence due to founding costruit D Units to account for: Difference due to rounding costunit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP). weighted average method Units % Materials EUP Materials Conversion EUP Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Costs EUP EUP Cost per EUP Total cost Total costs -Equivalent units of production Cost per equivalent unit of production Total costs accounted for Cost of units transferred out Direct materials Conversion Total cost transferred out Costs of ending work in process Dired materials Conversion Total cost of ending work in process Total costs accounted for EUP Cost per CUP Total cost 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 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 debit before credits Date Oct 31 General Journal Debit Credit Record entry Clear entry View general journal