Cost of units transferred out and ending work in process OBJ. 2 The costs per equivalent unit of direct materials and conversion in the Rolling Department of Keystone Steel Company are $60 and $10, respectively. The equivalent units to be assigned costs are as follows:

Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 320 Started and completed during the period 7,500 7,500 Transferred out of Rolling (completed) 7,500 7,820 Inventory in process, end of period 1,000 300 Total units to be assigned costs 8,500 8,120 The beginning work in process inventory had a cost of $25,000. Determine the cost of completed and transferred-out production and the ending work in process inventory.