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			28,000				28,000
Units, beginning work in process:
10,000 0%
10,000 40%							4,000
Units, ending work in process:
6,000 100%			6,000
6,000 75%							4,500
Equivalent units of output			34,000				36,500

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

Direct materials		$2.00
Conversion costs		6.00
Total		$8.00

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

Required:

1. Determine the cost of ending work in process. $fill in the blank 7a134efbc076fc3_1

Determine the cost of goods transferred out. $fill in the blank 7a134efbc076fc3_2

2. Prepare a physical flow schedule.

K-Briggs Company Physical Flow Schedule

Units to account for:
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
Units accounted for:
Units completed:
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