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: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, $80,000; conversion costs, $60,000. 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. Feedtack TOeck My Work As the work is finished in a process (department), the partially completed units and all their associated costs are transferred to the next process (department) by debiting the WIP account of the process (department) receiving the units and crediting the WIP account of the transferring process (department). 2. Prepare a physical flow schedule: 2. Prepare a physical flow schedule