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:

		Direct Materials		Conversion Costs
Units started and completed			26,000				26,000
Units, beginning work in process:
5,000 0%
5,000 40%							2,000
Units, ending work in process:
3,000 100%			3,000
3,000 75%							2,250
Equivalent units of output			29,000				30,250

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

Direct materials		$2.00
Conversion costs		5.00
Total		$7.00

The cost of beginning work in process was direct materials, $40,000; conversion costs, $60,000.

Required:

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1. Determine the cost of ending work in process. $fill in the blank 3c56faf84fb0fcc_1

Determine the cost of goods transferred out. $fill in the blank 3c56faf84fb0fcc_2

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2. Prepare a physical flow schedule.

Units to account for:	blank
Started and completedUnits, beginning work in processUnits completedUnits, ending work in processUnits, beginning work in process	Units, beginning work in process
Started and completedUnits completedUnits startedUnits, ending work in processUnits started	Units started
Total units to account for	fill in the blank b64f6ff60039027_5
Units accounted for:	blank
Units completed:	blank
Started and completedUnits completedUnits startedStarted and completed	Started and completed
Units completedUnits, beginning work in processUnits startedUnits, beginning work in process	Units, beginning work in process
Units completedUnits, ending work in processUnits startedUnits, ending work in process	Units, ending work in process
Total units accounted for	fill in the blank b64f6ff60039027_12