Required:

1. Determine the cost of ending work in process.

2. Determine the cost of goods transferred out.

3. Prepare a physical flow schedule.

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: The cost per equivalent unimin The cost of beginning work in process was direct materials, $50,000; conversion costs, $60,000