Exercise $8-40($Algo$)$ Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method

$($LO $8-2,5)$

The following cost Information is avallable for July for the Crest Plant at Calvert Company:

Materlals are added at the beginning of the process. The following quantitles have been recorded:

Beginning Inventory, $40,500$ partlally complete gallons, $30$ percent complete with respect to conversion costs.

Units started in July, $80,500$ gallons.

Units transferred out In July, $90,500$ gallons.

Ending Inventory, $30,500$ gallons, $45$ 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 Intermedlate calculatlons. Round your final answers to the nearest whole dollar.