Refer to the information in Problem 20-5B. Assume that Switch uses the FIFO method to account for its process costing system. The following additional information is available.
In Problem 20-5B, Switch Co. manufactures a single product in one department. Direct labor and overhead are added evenly throughout the process. Direct materials are added as needed. The company uses monthly reporting periods for its weighted-average process cost accounting. During January, Switch completed and transferred 220,000 units of product to finished goods inventory. Its 10,000 units of beginning goods in process consisted of $7,500 of direct materials, $14,240 of direct labor, and $35,600 of factory overhead. 40,000 units (50% complete with respect to direct materials and 30% complete with respect to direct labor and over-head) are in process at month- end. After entries for direct materials, direct labor, and overhead for January, the company€™s Goods in Process Inventory account follows.

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 one-tenth of a cent.
2. Prepare the journal entry dated January 31 to transfer the cost of completed units to finished goodsinventory.

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Goods in Process Inventory Acct. No. 133 Date Explanation Debit Credit Balance Balance 31 Direct materials 31 Direct labor 3 Applied overhead I12.500 176,000 440,000 57,340 169,840 345,840 785,840