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. Beginning work in process inventory Direct Materials Conversion Beginning work in process inventory.... Units started this period... Units completed and transferred out... 30,000 140,000 Units Percent Complete Percent Complete Costs added this period Direct materials Conversion.. Direct materials.. Conversion.. $ 17,100 67,200 $ 84,300 144,400 150,000 Ending work in process inventory.... 20,000 100% 80% Total costs to account for. 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. Check (1) Costs transferred out, $982,500