FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process MeCourt Company uses the FIFO method to account for the costs of production. For the first processing deportment, the following equivalent units schedule has been prepared: The cost per equivalent unit for the penod was as rollows! The cost of beginning work in process was direct materials, $50,000; convenion costs, $60,000. Required: 1. Determine the cost of ending work in process. The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, $50,000; conversion costs, $60,000. Required: 1. Detelmine the cost of ending work in process. Determine the cost of goods transferred out. x