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

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Accounting

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Materials are added at the beginning of the process. The following quantities have been recorded: - Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conve - Units started in July, 80,000 gallons. - Units transferred out in July, 90,000 gallons. - Ending inventory, 30,000 gallons, 40 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

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