Pacific Ink had beginning work-in-process inventory of $959,660 on October 1. Of this amount, $402,560 was the cost of direct materials and $557,100 was the cost of conversion.The 58,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs.
During October, 122,000 units were transferred out and 40,000 remained in ending inventory.The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,005,200 for direct materials and $3,786,840 for conversion.
Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. (Round intermediate calculations to 2 decimal places.)