Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-2, 5)

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

Beginning work-in-process inventory
Materials cost	$ 66,000
Conversion cost	45,000
Total	$ 111,000
Current costs
Materials cost	$ 220,000
Conversion cost	470,000
Total	$ 690,000

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.