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Required information

Exercise $8-37,8-38,8-39,8-40($Algo$)($LO $8-2,3,5)$

$[$The following information applies to the questions displayed below.$]$

Pacific Ink had beginning work$-$in$-$process inventory of $$750,960$ on October $1.$ Of this amount, $$307,920$ was the cost of

direct materials and $$443,040$ was the cost of conversion. The $51,000$ units in the beginning inventory were $25$ percent

complete with respect to both direct materials and conversion costs.

During October, $108,000$ units were transferred out and $33,000$ remained in ending inventory. The units in ending

inventory were $75$ percent complete with respect to direct materials and $35$ percent complete with respect to conversion

costs. Costs incurred during the period amounted to $$2,556,000$ for direct materials and $$3,278,760$ for conversion.

Exercise $8-38($Algo$)$ Assign Costs to Goods Transferred Out and Ending Inventory: Weighted$-$Average

Method $($LO $8-2,3)$

Compute the costs of goods transferred out and the ending inventory using the weighted$-$average method. $($Round intermediate

calculations to $2$ decimal places.$)$