Problem 20-2A Weighted average: Production cost report P2 P4 Fast Co. produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process inventory Direct materials Conversion $17,100 67,200 $ 84,300 Beginning work in process inventory... 30,000 Costs added this period Units started this period... 140,000 Units completed and transferred out... Ending work in process inventory.... Direct materials Conversion 144,400 150,000 Total costs to account for. 862,400 1,006,800 $1,091.100 20,000 100% 80% Required Check (1) Costs transferred out $982.500 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.