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FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process

McCourt Company uses the FIFO method to account for the costs of production. For the first processing department, the following equivalent units schedule has been prepared:

		Direct Materials				Conversion Costs
Units started and completed			26,000				26,000
Units, beginning work in process:
5,000 0%
5,000 40%							2,000
Units, ending work in process:
3,000 100%			3,000
3,000 75%							2,250
Equivalent units of output			29,000				30,250

The cost per equivalent unit for the period was as follows:

Direct materials		$2.00
Conversion costs		8.00
Total		$10.00

The cost of beginning work in process was direct materials, $50,000; conversion costs, $60,000.

Required:

1. Determine the cost of ending work in process. $fill in the blank 3596de01b03cf92_1

Determine the cost of goods transferred out. $fill in the blank 3596de01b03cf92_2

2. Prepare a physical flow schedule.

McCourt Company Physical Flow Schedule

Units to account for:
Started and completedUnits, beginning work in processUnits completedUnits, ending work in process	- Select -
Started and completedUnits completedUnits startedUnits, ending work in process	- Select -
Total units to account for	fill in the blank 44857bff9050060_5
Units accounted for:
Units completed:
Started and completedUnits completedUnits started	- Select -
Units completedUnits, beginning work in processUnits started	- Select -
Units completedUnits, ending work in processUnits started	- Select -
Total units accounted for	fill in the blank 44857bff9050060_12