FIFO Method, Valuation of Goods Transferred out and Ending Work in Process McCourt Company uses the FIFO method to account for the costs of production. For the first processing department, the following equivalent units schedule has been prepared Conversion Costs Direct Materials 25,000 25,000 Units started and completed Units, beginning work in process 5,0000 5,000 X 40% 2,000 Units, ending work in process 3.000 100 3,000 3,000 75 2,250 29,250 Equivalent units of output 20.000 The cost per equivalent unit for the period was as follow Direct materials $2.00 Conversion costs 5.00 Total 57.00 The cost of beginning work in process was direct materials, 140,000; conversion costs, 550,000 The cost of beginning work in process was direct materials, $40,000; conversion costs, $60,000, Required: 1. Determine the cost of ending work in process. Determine the cost of goods transferred out. 2. Prepare a physical how schedule McCourt Company Physical Flow Schedule Units to account for: Total units to account for Units accounted for Units completed DII 101 Total units accounted for