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Problem 8-60 (Algo) FIFO Process Costing (LO 8-4,5) 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 (12,000 units) Transferred-in from Molding Direct materials costs Conversion costs Work-in-process balance (August 1) $ 94,000 163,400 58,000 $315, 400 100% 60 30 During August, 106,000 units were transferred in from the Molding Department at a cost of $2,120,000 and started in Assembling. The Assembling Department incurred other costs of $994,380 in August as follows: Direct materials costs Conversion costs Total August costs August Costs $787,680 206, 700 $994,380 At the end of August, 14,000 units remained in inventory that were 90 percent complete with respect to direct materials and 40 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