Retul Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 Fast Co produces its product through two processing departments Direct materials are added at the start of production in the Cutting department, and conversion costs are added evenly throughout each process. The company uses monthly reporting periods for its weighted average process costing system. The Work in Process Inventory Cutting account has a balance of $84,300 as of October 1, which consists of $17,100 of direct materials and $67,200 of conversion costs. During the month, the Cutting department incurred the following costs: Direct material Conversion $144,400 862,400 At the beginning of the month 30,000 units were in process. During October, the company started 140,000 units and transferred 150,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory consisted of 20,000 units that were 80% complete with respect to conversion costs. Required: 1. Prepare the Cutting department's process cost summary for October using the weighted average method, 2. Prepare the journal entry dated October 31 to transfer the cost of the partially completed units to Assembly Answer is not complete Complete this question by entering your answers in the tabs below. Required 1 Required 2 Deanera tha istinn onarmantene er man for har en the winnaarana matat Denar % Materials 100% 80% Equivalent units of production (EUP)-weighted average method Units Units completed and transferred out 150,000 Ending work in process - units 20,000 Total units 170,000 Cost per equivalent unit of production Cost of beginning work in process Costs incurred this period Total costs + Equivalent units of production Cost per equivalent unit of production Total costs accounted for: EUP- Materials 150,000 16,000 166,000 Materials $ 17.100 144,400 $ 161,500 1,710,000 $ 0.09 EUP- Conversion Conversion 150000% 225,000,000 16000% 3,200,000 228,200,000 Conversion $ 67,200 266,000 Costs $ 333 200 EUP 6 $ 55,533.33 Costs EUP $ Cost of units transferred out: EUP Cost per EUP Total cost 150,000 $ $ 0.95 5.60 150,000 $ 142,500 840,000 $ 982,500 Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP Cost per Total cost EUP 0.95 $ $ 20,000 16,000 $ 19,000 89,600 5,60 108,600 $ 1.091,100 Hemedi Required 2 > At the beginning of the month, 30,000 units were in process. During October, the company started 140,000 units and tran 150,000 units to the Assembly department. At the end of the month, the Cutting department's work in process inventory C 20,000 units that were 80% complete with respect to conversion costs. Required: 1. Prepare the Cutting department's process cost summary for October using the weighted-average method. 2. Prepare the journal entry dated October 31 to transfer the cost of the partially completed units to Assembly Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry dated October 31 to transfer the cost of the partially completed units to Assembly. General Journal Credit Oct 31 No Transaction Recorded No Data Debit 1