16-2A (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 Conversion Beginning work in process inventory Units started this period Units 30,000 Percent Complete 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 $ 17,100 67,200 $ 84,300 144,400 862,400 1,006,800 $ 1,091,100 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. Required 1 Required 2 Prepare the Cutting department's production cost report for October using the weighted average method. (Round "Cost per EUP" to 2 decim 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 inventory 30,000 Units started this period 140,000 Units to account for 170,000 Total units accounted for: Completed and transferred out 150,000 Ending work in process 20,000 Total units accounted for 170,000 Equivalent units of production (EUP) Completed and transferred out Ending work in process Equivalent Units of Production Direct Materials Conversion Units % Complete EUP % Complete EUP 150,000 100% 150,000 100% 150,000 20,000 100% 20,000 80% 16,000 170,000 170,000 166,000 Equivalent Units of Production 170,000 Cost per equivalent unit of production Cost of beginning work in process Costs added this period Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for 170,000 Direct Materials 166,000 Conversion Costs Costs EUP EUP 0 0 EUP Cost per EUP Total cost $ 0.00 $ 0 $ 0.00 0 < Required 1 Required 2 > View transaction list Journal entry worksheet 1 Record the transfer of goods to next department. Note: Enter debits before credits. Date October 31 General Journal Debit Credit View general journal Record entry Clear entry