The Assembly Department uses a process cost accounting system. The department adds materials and incurs conversion costs uniformly throughout the process. During May, $200,000 of materials costs and $95,000 in conversion costs were charged to the department. The beginning Work in Process inventory was $63,000 on May 1, comprised of $40,000 of materials costs and $23,000 of conversion costs. The company employs the FIFO method of process costing.

Other data for the month of May are as follows:

Beginning Work in Process inventory, 5/1 25,000 units (40% complete)

Units completed and transferred out 50,000 units

Ending Work in Process inventory, 5/31 30,000 units (30% complete)

Units completed from Beginning WIP	25,000
Units started and completed	25,000
Ending Work in Process	30,000
Total Units to be accounted for:	80,000

	Material Cost	Conversion Cost
Particulars	% Completion	Units	% Completion	Units
Units completed from Beg. WIP	60%	15,000	60%	15,000
Units started and completed	100%	25,000	100%	25,000
Ending Work in Process	30%	9,000	30%	9,000
Total Equivalent units		49,000		49,000

What is the total cost assigned to the 50,000 units that were transferred out of the process in May? What is the total cost of the May 31 inventory?