Please do not give solution in image format thanku 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 Company:Beginning work-in-process inventoryMaterials costConversion costTotalCurrent costsMaterials costConversion cost$ 66,000Total45,000$ 111,000$ 220,000470,000$ 690,000Materials are added at the beginning of the process. The following quantities have been recorded:Beginning inventory, 50,000 partially complete gallons, 10 percent complete with respect to conversion costs.Units started in July, 90,000 gallons.Units transferred out in July, 100,000 gallons.Ending inventory, 40,000 gallons, 70 percent complete with respect to conversion costs.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.

Process costing is the costing method used by the companies that produces similar or identical…

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 Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs $ 66,000 45,000 $ 111,000. 330.000

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 Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs $ 66,000 45,000 $ 111,000. 330.000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PB: Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units....

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