Refer to the information provided in Problem 6.47.
Physical Units
Beginning WIP (25% complete) ....... 11,000
Started during January ........... 74, 0000
Total to account for ............ 85,000
Good units completed and transferred out during current period:
From beginning work in process ...... 11,000
Started and completed ........... 50,000
Spoiled units ............. 8,000
Ending WIP (75% complete) ....... 16,000
Total accounted for ........... 85,000
Costs
Beginning WIP:
Direct materials .......... $ 220,000
Conversion costs ......... 30,000
Total beginning WIP ........ 250,000
Costs added during current period:
Direct materials .......... 1,480,000
Conversion costs ........ 942,000
Costs to account for ....... $2,672,000

REQUIRED
Prepare a process cost report using the FIFO method.