Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting...

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Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Beginning work in process inventory Units started this period Units 30,000 Direct Materials Percent Complete Conversion Percent Complete 140,000 Units completed and transferred out Ending work in process inventory 150,000 20,000 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required: $ 17,100 67,200 $ 84,300 144,400 862,400 1,006,800 $ 1,091,100 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. Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Beginning work in process inventory Units started this period Units 30,000 Direct Materials Percent Complete Conversion Percent Complete 140,000 Units completed and transferred out Ending work in process inventory 150,000 20,000 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required: $ 17,100 67,200 $ 84,300 144,400 862,400 1,006,800 $ 1,091,100 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.