The following cost information is available for July for the Crest Plant at Calvert Company:Beginning work-in-process inventoryMaterials costConversion costTotal●Current costsMaterials costConversion costTotal$ 64,50043,500$ 108,000Materials are added at the beginning of the process. The following quantities have been recorded:Beginning inventory, 48,500 partially complete gallons, 30 percent complete with respect to conversion costs.• Units started in July, 88,500 gallons.Units transferred out in July, 98,500 gallons.Ending inventory, 38,500 gallons, 55 percent complete with respect to conversion costs.$ 205,000455,000$ 660,000Cost of goods transferred outEnding inventoryRequired: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.

Name: The following cost information is available for July for the Crest Pl
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Description: The following cost information is available for July for the Crest Plant at Calvert Company:Beginning work-in-process inventoryMaterials costConversion costTotal●Current costsMaterials costConversion costTotal$ 64,50043,500$ 108,000Materials are add

Calculation of Equivalent Units of Production.

Answered: Compute the cost of goods transferred…

Business

Accounting

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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