The following details are provided for a company operating a process costing system: -

Process 1

Opening work in process (WIP) Nil

Units introduced into the process 15,000

Units completed and transferred to next Process 2 10,000

Closing WIP (50% complete) 5,000

Materials cost (introduced at start of process) $70,000

Conversion cost $50,000

Process 2

Opening WIP Nil Units transferred from Process 1 10,000 Closing WIP (50% complete) 1,000 Completed units transferred to finished goods stock 9,000 Previous process cost $95,000 Conversion costs $55,000 Materials (introduced at the end of the process) $35,000

Prepare the cost allocation for Processes 1 and 2.