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. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 33,000 146,000 156,000 23,000 Direct Materials Percent Complete $ 18,900 71,400 151, 150 940, 120 100% Conversion Percent Complete $ 90,300 1,091,270 $ 1,181,570 80% 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.

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. 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