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: {:[" Beginning work-in- "],[" Materials cost "]:} $57,500 Conversion cost 36,500 Total $94,000 Current costs Materials cost $135,000 Conversion cost 385,000 Total $520,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs. Units started in July, 81,500 gallons. Units transferred out in July, 91,500 gallons. Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs. Required: Compute