Uw Me How FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process 2 McCourt Company uses the FIFO method to account for the costs of production. For the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs 30,000 30,000 Units started and completed Units, beginning work in process: 5,000 * 0% 5,000 x 40% Units, ending work in process: 2,000 3,000 X 100% 3,000 3,000 X 75% 2,250 34,250 Equivalent units of output 33,000 The cost per equivalent unit for the period was as follows: Direct materials $3.00 6.00 Conversion costs $9.00 Total The cost of beginning work in process was direct materials, $40,000; conversion costs, $60,000 Previous Next Required: 1. Determine the cost of ending work in process. $ Determine the cost of goods transferred out 2. Prepare a physical flow schedule, McCourt Company Physical Flow Schedule Units to account for: Total units to account for Units accounted for: Units completed: I Total units accounted for