Refer to the information in Problem 3-5B. 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 one-tenth of a cent.

2. Prepare the journal entry dated January 31 to transfer the cost of completed units to finished goods inventory.