Refer to the information in Problem 20-5B. Assume that Foster uses the FIFO method to account for its process costing system. The following additional information is available. • Beginning goods in process consists of 10,000 units that were 75% complete with respect to direct materials and 60% complete with respect to direct labor and overhead.
• Of the 220,000 units completed, 10,000 were from beginning goods in process; the remaining 210,000 were units started
and completed during January.
Required
1. Prepare the company’s process cost summary for January using FIFO. Round cost per EUP to onetenth of a cent.
2. Prepare the journal entry dated January 31 to transfer the cost of completed units to finished goods inventory.
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