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 Degree of Completion Casts Work-in-process beginning inventory (12,000 units) Transferred-in from Molding Direct materials costs Conversion costs Work-in-process balance (August 1) $ 96,000 165,200 58,eee $319,200 100% 70 30 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 $930.720 in August as follows: Direct materials costs Conversion costs Total August costs August costs $751,170 179 550 $930, 720 At the end of August, 17.000 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