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:

		Direct Materials				Conversion Costs
Units started and completed			29,000				29,000
Units, beginning work in process:
5,000 0%
5,000 40%							2,000
Units, ending work in process:
3,000 100%			3,000
3,000 75%							2,250
Equivalent units of output			32,000				33,250

The cost per equivalent unit for the period was as follows:

Direct materials		$2.00
Conversion costs		5.00
Total		$7.00

The cost of beginning work in process was direct materials, $50,000; conversion costs, $60,000.

Required:

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1. Determine the cost of ending work in process. $fill in the blank f97ff8fc7f8afa6_1

Determine the cost of goods transferred out. $fill in the blank f97ff8fc7f8afa6_2

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2. Prepare a physical flow schedule.

blank McCourt Company Physical Flow Schedule

Units to account for:	blank
Started and completedUnits, beginning work in processUnits completedUnits, ending work in process	- Select -
Started and completedUnits completedUnits startedUnits, ending work in process	- Select -
Total units to account for	fill in the blank 042b8af83fb1fff_5
Units accounted for:	blank
Units completed:	blank
Started and completedUnits completedUnits started	- Select -
Units completedUnits, beginning work in processUnits started	- Select -
Units completedUnits, ending work in processUnits started	- Select -
Total units accounted for	fill in the blank 042b8af83fb1fff_12