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

Required

Prepare the Cutting department's production cost report for October
1. using the weighted average method.
2. Prepare the October 31 journal entry to transfer the cost of completed units from Cutting to Assembly.

Transcribed Image Text:

Beginning work in process inventory.. Units started this period.......... Units completed and transferred out... Ending work in process inventory.... Direct Materials Units Percent Complete 30,000 140,000 150,000 20,000 100% Conversion Percent Complete 80% Beginning work in process inventory Direct materials.. Conversion... Costs added this period Direct materials... Conversion..... Total costs to account for..... $ 17,100 67,200 $ 84,300 144,400 862,400 1,006,800 $1,091,100