Goofy Industries specializes in making Go, a high-moisture, low-alkaline wax used to protect and preserve snowboards. The company began producing a new, improved brand of Go on January 1. Materials are introduced at the beginning of the production process. During January, 15,300 pounds were used at a cost of $46,665. Direct labor of $17,136 and overhead costs of $25,704 were incurred uniformly throughout the month. By January 31, 13,600 pounds of Go had been completed and transferred to the finished goods inventory (1 pound of input equals 1 pound of output). Since no spoilage occurred, the leftover materials remained in production and were 40 percent complete on average. Required, 1. Using the FIFO costing method, prepare a process cost report for January., 2. From the information in the process cost report, identify the amount that should be transferred out of the Work in Process Inventory account, and state where those dollars should be transferred., 3. Repeat requirements 1 and 2 using the average costing method.