Question: Griffith Company started its production operations on July 1. During July, the silk-screening department completed 15,600 units. There were 2,400 units in ending inventory which were 75% complete with respect to materials and 20% complete with respect to conversion costs. During July, the department accumulated materials costs of $40,890 and conversion costs of $69,948.
Q1. Calculate the cost of the goods transferred out.
Q2. What is the value of the ending inventory?