The following cost information is available for July for the Crest Plant at Calvert Company:...
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Accounting
The following cost information is available for July for the Crest Plant at Calvert Company:
| Beginning work-in-process inventory | |
|---|---|
| Materials cost | $ 62,500 |
| Conversion cost | 41,500 |
| Total | $ 104,000 |
| Current costs | |
| Materials cost | $ 185,000 |
| Conversion cost | 435,000 |
| Total | $ 620,000 |
Materials are added at the beginning of the process. The following quantities have been recorded:
- Beginning inventory, 46,500 partially complete gallons, 90 percent complete with respect to conversion costs.
- Units started in July, 86,500 gallons.
- Units transferred out in July, 96,500 gallons.
- Ending inventory, 36,500 gallons, 35 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.
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