Problem 16-2A (Algo) 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.

	Units	Direct Materials	Conversion
		Percent Complete	Percent Complete
Beginning work in process inventory	41,500
Units started this period	163,000
Units completed and transferred out	173,000
Ending work in process inventory	31,500	100%	80%

Beginning work in process inventory
Direct materials	$ 24,000
Conversion	83,300	$ 107,300
Costs added this period
Direct materials	180,500
Conversion	967,160	1,147,660
Total costs to account for		$ 1,254,960

Required: 1. Prepare the Cutting departments 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.

Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Journal entry worksheet Note: Enter debits before credits