Refer to the information in Problem 3-4B. Assume that Switch uses the FIFO method to account for its process costing system. The following additional information is available.
• Beginning work in process consists of 10,000 units that were 75% complete with respect to direct materials and 60% complete with respect to conversion.
• Of the 220,000 units completed, 10,000 were from beginning work 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 three decimal places.
2. Prepare the journal entry dated January 31 to transfer the cost of completed units to finished goods inventory.