Exercise $8-40($Algo$)$ Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method $($LO $8-$

$2,5)$

The following cost information is available for July for the Crest Plant at Calvert Company:

Materials are added at the beginning of the process. The following quantities have been recorded:

Beginning inventory, $48,000$ partially complete gallons, $25$ percent complete with respect to conversion costs.

Units started in July, $88,000$ gallons.

Units transferred out in July, $98,000$ gallons.

Ending inventory, $38,000$ gallons, $50$ percent complete with respect to conversion costs.

Required:

Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.

Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.

Cost of goods transferred out

Ending inventory