FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process

K$-$Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared:

Direct Materials Conversion Costs

Units started and completed $28,00028,000$

Units, beginning work in process:

$10,000\backslash$times $0\%$

$10,000\backslash$times $40\%4,000$

Units, ending work in process:

$6,000\backslash$times $100\%6,000$

$6,000\backslash$times $75\%4,500$

Equivalent units of output $34,00036,500$

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

Direct materials $$2\mathrm{.}00$

Conversion costs $6\mathrm{.}00$

Total $$8\mathrm{.}00$

The cost of beginning work in process was direct materials, $$40,000$; conversion costs, $$30,000.$

Required:

Question Content Area

$1.$ Determine the cost of ending work in process.

$fill in the blank $6$b$03$b$1$fe$4$f$9$efd$5\_1$

Determine the cost of goods transferred out.

$fill in the blank $6$b$03$b$1$fe$4$f$9$efd$5\_2$

Question Content Area

$2.$ Prepare a physical flow schedule.

blank

K$-$Briggs Company

Physical Flow Schedule

Units to account for: blank

$-$ Select $-$

$-$ Select $-$

Total units to account for fill in the blank $0$d$2$d$36$fdf$00$cfeb$\_5$

Units accounted for: blank

Units completed: blank

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Total units accounted for