Switch Co. manufactures a single product in one department. Direct labor and overhead are added evenly throughout the process. Direct materials are added as needed. The company uses monthly reporting periods for its weighted-average process costing. During January, Switch completed and transferred 220,000 units of product to finished goods inventory. Its 10,000 units of beginning work in process consisted of $7,500 of direct materials and $49,850 of conversion. In process at month-end are 40,000 units (50% complete with respect to direct materials and 30% complete with respect to conversion). During the month, the company used direct materials of $112,500 in production, and incurred conversion costs of $616,000. Required Prepare the company's process cost summary for January using the weighted-average method. Prepare the journal entry dated January 31 to transfer the cost of completed units to finished goods inventory. Check(1) EUP for conversion, 232,000 (2) Cost transferred out to finished goods, $741,400