1. 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		$3.00
   Conversion costs		6.00
   Total		$9.00

   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. $fill in the blank 25be3d021040046_1

   Determine the cost of goods transferred out. $fill in the blank 25be3d021040046_2

   2. Prepare a physical flow schedule.

   McCourt Company Physical Flow Schedule

   Units to account for:
   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 process	- Select -
   Total units to account for	fill in the blank 33aa530a5faa05a_5
   Units accounted for:
   Units completed:
   Started and completedUnits completedUnits started	- Select -
   Units completedUnits, beginning work in processUnits started	- Select -
   Units completedUnits, ending work in processUnits started	- Select -
   Total units accounted for	fill in the blank 33aa530a5faa05a_12