Refer to the information in exercise 16-12. prepare a process cost summary using the FIFO method. (Round cost per equivalent unit calculations to two decimal places.)

Equivalent Units of Production				Direct Materials	Converisons
Units transferred out				32,000 EUP	32,000 EUP
Units of ending work in process				2,500 EUP	1,500 EUP
Equivalent units of production				34,500 EUP	33,500 EUP
Costs per EUP				Direct Materials	Conversions
Costs of beginning work in process				$18,550	$2,280
Costs incurred this period				357,500	188,670
Total costs				$376,050	$190,950
Units in beginning work in process (all completed in July)						2,000
Units started this period						32,500
Units completed and transferred out						32,000
Units in ending work in process						2,500