The following cost information is available for July for the Crest Plant at Calvert Company: Materials are added at the beginning of the process. The following quantities have been recorded: - Beginning inventory, 40,000 partislly 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. 8-39. Compute Costs per Equivalent Unit: FIFO Method ( LO 8-2, 5) Refer to Exercise 8-37. Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. 8-40. Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method ( LO 8-2, 5) Refer to the data in Exercise 8-37. Compute the cost of goods transferred out and the ending inventory for July using the FIFO method