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

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The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 58,000 37,000 $ 95,000 $ 140,000 390,000 $ 530,000 Materials are added at the beginning of the process. The following quantities have been recorded: • Beginning inventory, 42,000 partially complete gallons, 45 percent complete with respect to conversion costs. • Units started in July, 82,000 gallons. • Units transferred out in July, 92,000 gallons. • Ending inventory, 32,000 gallons, 60 percent complete with respect to conversion costs. Cost of goods transferred out Ending inventory 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. The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 58,000 37,000 $ 95,000 $ 140,000 390,000 $ 530,000 Materials are added at the beginning of the process. The following quantities have been recorded: • Beginning inventory, 42,000 partially complete gallons, 45 percent complete with respect to conversion costs. • Units started in July, 82,000 gallons. • Units transferred out in July, 92,000 gallons. • Ending inventory, 32,000 gallons, 60 percent complete with respect to conversion costs. Cost of goods transferred out Ending inventory 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.

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To calculate the cost of goods transferred out and ending inventory using the FIFO method we need to ... View the full answer