Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in, first-out (FIFO) process costing system. The factory has three departments: Molding, Assembling, and Finishing. Following is information on the beginning work-in-process inventory in the Assembling Department on August 1: Degree of Completion Costs Work-in-process beginning inventory (12,000 units) Transferred-in from Molding Direct materials costs Conversion costs Work-in-process balance (August 1) $ 99,000 154,800 61,000 $314,800 100% 60 40 During August, 101,000 units were transferred in from the Molding Department at a cost of $1,969,500 and started in Assembling. The Assembling Department incurred other costs of $1,016,850 in August as follows: Direct materials costs Conversion costs Total August costs August Costs $ 877,800 139,050 $1,016,850 At the end of August, 13,000 units remained in inventory that were 90 percent complete with respect to direct materials and 60 percent complete with respect to conversion. Required: Compute the cost of goods transferred out in August and the cost of work-in-process ending inventory. (Do not round intermediate calculations.) Cost of goods transferred out Cost of WIP ending inventory Pantanal, Inc., manufactures car seats in a local factory. For costing purposes, it uses a first-in, first-out (FIFO) process costing system. The factory has three departments: Molding, Assembling, and Finishing. Following is information on the beginning work-in-process inventory in the Assembling Department on August 1: Degree of Completion Costs Work-in-process beginning inventory (12,000 units) Transferred-in from Molding Direct materials costs Conversion costs Work-in-process balance (August 1) $ 99,000 154,800 61,000 $314,800 100% 60 40 During August, 101,000 units were transferred in from the Molding Department at a cost of $1,969,500 and started in Assembling. The Assembling Department incurred other costs of $1,016,850 in August as follows: Direct materials costs Conversion costs Total August costs August Costs $ 877,800 139,050 $1,016,850 At the end of August, 13,000 units remained in inventory that were 90 percent complete with respect to direct materials and 60 percent complete with respect to conversion. Required: Compute the cost of goods transferred out in August and the cost of work-in-process ending inventory. (Do not round intermediate calculations.) Cost of goods transferred out Cost of WIP ending inventory