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: Conversion Direct Materials Costs Units started and completed 14,000 14,000 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 18,250 Equivalent units of output 17,000 The cost per equivalent unit for the period was as follows: Direct materials $4.00 Conversion costs 12.00 Total $16.00 The cost of beginning work in process was direct materials, $80,000; 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