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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

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:

Costs Degree of Completion
Work-in-process beginning inventory (9,000 units)
Transferred-in from Molding $ 103,000 100 %
Direct materials costs 167,000 50
Conversion costs 60,000 50
Work-in-process balance (August 1) $ 330,000

During August, 101,000 units were transferred in from the Molding Department at a cost of $2,121,000 and started in Assembling. The Assembling Department incurred other costs of $1,069,410 in August as follows:

August Costs
Direct materials costs $ 851,160
Conversion costs 218,250
Total August costs $ 1,069,410

At the end of August, 17,000 units remained in inventory that were 90 percent complete with respect to direct materials and 50 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.

1. What is the cost of goods transferred out?_______

2. Cost of WIP ending inventory? _______

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