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The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 56,000 Conversion cost 35,400

The following cost information is available for July for the Crest Plant at Calvert Company:

Beginning work-in-process inventory
Materials cost $ 56,000
Conversion cost 35,400
Total $ 91,400
Current costs
Materials cost $ 124,000
Conversion cost 372,600
Total $ 496,600

Materials are added at the beginning of the process. The following quantities have been recorded:

  • Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs.
  • Units started in July, 80,000 gallons.
  • Units transferred out in July, 90,000 gallons.
  • Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs.

Required:

Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method.

Cost of goods transferred out total
Ending inventory total

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