Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 82, 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, 46,000 partially complete gallons, 85 percent complete with respect to conversion costs. - Units started in July, 86,000 gallons. - Units transferred out in July, 96,000 gallons. - Ending inventory, 36,000 gallons, 30 percent complete with respect to conversion costs. Materials are added at the beginning of the process. The following quantities have been recorded: - Beginning inventory, 46,000 partially complete gallons, 85 percent complete with respect to conversion costs. - Units started in July, 86,000 gallons. - Units transferred out in July, 96,000 gallons. - Ending inventory, 36,000 gallons, 30 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. Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 82, 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, 46,000 partially complete gallons, 85 percent complete with respect to conversion costs. - Units started in July, 86,000 gallons. - Units transferred out in July, 96,000 gallons. - Ending inventory, 36,000 gallons, 30 percent complete with respect to conversion costs. Materials are added at the beginning of the process. The following quantities have been recorded: - Beginning inventory, 46,000 partially complete gallons, 85 percent complete with respect to conversion costs. - Units started in July, 86,000 gallons. - Units transferred out in July, 96,000 gallons. - Ending inventory, 36,000 gallons, 30 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