Neweway Plastics manufactures an acrylic compound used in automobile bumpers in a continuous flow process. Raw material is added at the beginning of the process and conversion costs are incurred uniformly over the process. The accompanying table summarizes the results of operations for May:
| Beginning work in process (units) | 6,000 | |
| Raw materials | $2,680 | |
| Conversion costs (50%)* | 892 | $3,572 |
| units completed and transferred out | 40,000 | |
| units started in May | 38,000 | |
| Ending work in process (units) | 4,000 (70%)* | |
| Conversion costs incurred in May | $17,512 | |
| Material costs incurred in May | $19,760 |
*Percentages denote percentage complete.
Required:
Compute the cost of goods transferred out and the ending work in process for the month of May using both the weighted average and FIFo methods.
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