the company uses the weighted average method of process costing all losses occur at 644127

A company manufactures paint from two sequential processes (P1 and P2). Details for P1 for a period were as follows:

Input materials	20,000 litres costing £114,000
Conversion costs	£176,000
Opening work in progress	nil
Transferred to P2	15,000 litres
Normal loss	5% of input
Abnormal loss	500 litres
Closing work in progress	3,500 litres (complete in respect of materials, 60% converted)

The company uses the weighted average method of process costing. All losses occur at the end of the process. Prepare the P1 Process Account for the period.