Cutting tool

A cutting tool for producing a chamfer along an edge of a drywall panel, the cutting tool comprising:

• a housing having a base and first and second legs extending from the base, the base and first and second legs defining a channel having a base wall and substantially parallel sidewalls that are substantially perpendicular to the base wall, the first leg having a surface that is not parallel to the base wall or to the sidewalls of the channel;
• a primary cutting blade mounted to the surface of the first leg and extending across the channel into the second leg at an angle of about forty-five degrees to the base wall of the channel, the primary cutting blade being configured to cooperate with the second sidewall to cut entirely through an edge of a panel placed in the channel as the cutting tool is caused to move along the edge of the panel, thereby creating an approximately forty-five-degree chamfered edge on the panel;
• and
• a second cutting blade rotatably mounted to the surface of the first leg, the second cutting blade being positioned adjacent the primary blade and configured to create a perforation in the edge of the panel prior to the panel encountering the primary cutting blade as the cutting tool is caused to move along the edge of the panel.