Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 107,000 gallons of paint in July and completes 87,000 gallons. The costs of the resources used by Sanchez in July consist of the following:

Materials $296,100

Conversion costs (labor and overhead) $274,800

Required:

The production supervisor estimates that the ending work-in-process is 84 percent complete. Compute the cost of paint transferred to finished goods and the snount in work-in-process ending inventory as of July 31.

Cost of paint transferred to finished goods:

Work-in-process ending inventory: