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: Conversion Direct Materials Costs Units started and completed 28,000 28,000 Units, beginning work in process: 10,000 x 0% 10,000 x 40% 4,000 Units, ending work in process: 6,000 x 100% 6,000 6,000 x 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. 39,000 1. Determine the cost of ending work in process. $1 39,000 Determine the cost of goods transferred out. $ 262,000 X Feedback Check My Work 2. Prepare a physical flow schedule. K-Briggs Company Physical Flow Schedule Units to account for: Units, beginning work in process 10,000 Units started 34,000 Total units to account for 44,000 Units accounted for: Units completed: Started and completed Units, beginning work in process Units, ending work in process 10,000 X 10,000 6,000 Total units accounted for 26,000 X