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

$2,5)$

The following cost information is available for July for the Crest Plant at Calvert Company:

Materials are added at the beginning of the process. The following quantities have been recorded:

Beginning inventory, $44,000$ partially complete gallons, $65$ percent complete with respect to conversion costs.

Units started in July, $84,000$ gallons.

Units transferred out in July, $94,000$ gallons.

Ending inventory, $34,000$ gallons, $80$ 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 intermediate calculations. Round your final answers to the nearest whole dollar.