BR Ltd makes a product requiring several successive processes. Details of the first process for August are as follows. Opening WIP: 400 units Degree of completion: Materials (valued at $19,880) 100 % Conversion (valued at $3,775) 25 % Units transferred to Process 2 1,700 units Closing WIP 300 units Degree of completion: Materials 100 % Conversion 50 % Costs incurred in the period: Material $100,000 Conversion $86,000 There were no process losses. Required: Prepare the process account for August using the weighted average method.