Hr.34. Required:Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.Cost of goods transferred out.Ending inventory Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-2,5)The following cost information is available for July for the Crest Plant at Calvert CompanyBeginning work-in-process inventoryMaterials costConversion costTotalCurrent costsMaterials costConversion costTotal$ 58,50037,500$ 96,000$ 145,000395,000$540,000Materials are added at the beginning of the process. The following quantities have been recorded:• Beginning inventory, 42,500 partially complete gallons, 50 percent complete with respect to conversion costs• Units started in July, 82,500 gallons.• Units transferred out in July. 92 500 gallons• Ending inventory, 32,500 gallons, 65 percent complete with respect to conversion costs

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Description: Hr.34. Required:Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.Cost of goods transferred out.Ending

Process costing is a technique used in cost accounting to determine the price of producing a good or…

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Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Ending inventory

Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Ending inventory

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 7E: Using first-in, first-out perpetual inventory costing and the following information, determine the...

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