Please dumb down the terminology. I'm trying to crunch on this as it has to be submitted in the next two hours and I'm having some difficulty inputting the numbers.

started pounds) 31,500 32,800 Direct materials $65,520 $66,912 Conversion costs $54,213 $54,774 Ending work in processinventory Units (pounds) rom calculations at end of uly. The beginning work in process inventory was 30 percent complete for conversion costs. The ending work in process inventory for July was 60 percent complete, for August, it was 50 percent complete. Assume that the loss from spoilage and evaporation was REQUIRED 1. Using the FIFO costing prepare a process cost report 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 and 2 for August. os Process Costing: Average costing Method and Two Time Periods P3. Top Corporation produces a line of beverage lids. The production process has been automated, so the product can now be produced in one operation rather than in May total cost of goods manufactured the three operations that were needed before the company purchased the automated 5120100 1 June total cost of goods machinery. All direct materials are added at the beginning of the process, and conversion nufactured and transferred: $185aso costs are incurred uniformly throughout the process. Operating data for May and June Beginning work in process inventory: Units (May: 40% complete) Direct materials Production during the month: Units started 2.000.000 31,000,000 Direct materials $93,200 566000 $92,796 Conversion costs Ending work in process inventory: Units (May 70% complete: June: 60% complete) 1. Using the average costing method, prepare process cost reports for May and June. (Round unit costs to three decimal places.) (Contin ard)