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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 | $ 67,200 |
| Conversion cost | 42,480 |
| Total | $ 109,680 |
| Current costs | |
| Materials cost | $ 148,800 |
| Conversion cost | 447,120 |
| Total | $ 595,920 |
Materials are added at the beginning of the process. The following quantities have been recorded:
- Beginning inventory, 48,000 partially complete gallons, 25 percent complete with respect to conversion costs.
- Units started in July, 96,000 gallons.
- Units transferred out in July, 108,000 gallons.
- Ending inventory, 36,000 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.
Note: Do not round your intermediate calculations.
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