Hr.34. 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 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 CompanyBeginning work-in-process inventoryMaterials costConversion costTotalCurrent costsMaterials costConversion costTotal$ 58,50037,500$ 96,000$ 145,000395,000$540,000Materials are added at the beginning of the process. The following quantities have been recorded:• Beginning inventory, 42,500 partially complete gallons, 50 percent complete with respect to conversion costs• Units started in July, 82,500 gallons.• Units transferred out in July. 92 500 gallons• Ending inventory, 32,500 gallons, 65 percent complete with respect to conversion costs

Name: Hr.34. Required:Compute the cost of goods transferred out and the endi
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Description: Hr.34. 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

Process costing is a technique used in cost accounting to determine the price of producing a good or…

Business

Accounting

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

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

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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