Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 85, 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, 50,000 partially complete gallons, 10 percent complete with respect to conversion costs. - Units started in July, 90,000 gallons. - Units transferred out in July, 100,000 gallons. - Ending inventory, 40,000 gallons, 70 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