OceanBound uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lifts. The lifts are transferred to Finished Goods Inventory before shipment to marinas across the country. OceanBound's Testing Department requires no direct materials. Conversion costs are incurred evenly throughout the testing process. Other information follows for the month of August: (Click the icon to view the other information.) The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. Read the requirements Requirement 1. Prepare a production cost report for the Testing Department. (OceanBound uses weighted-average process costing. Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.)