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: Units started and completed Conversion Direct Materials Costs 29,000 29,000 Units, beginning work in process: 5,000 0% 5,000 x 40% 2,000 Units, ending work in process: 3,000 x 100% 3,000 3,000 x 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 Total 5.00 $7.00 The cost of beginning work in process was direct materials, $50,000; conversion costs, $60,000. Required: The cost of beginning work in process was direct materials, $50,000; 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 flow schedule. McCourt Company Physical Flow Schedule. Units to account for: Total units to account for Units accounted for Units completed: Total units accounted for