Exercise $8-35$ & $8-36($Algo$)($LO $8-5)$

$[$The following information applies to the questions displayed below.$]$

The Matsui Lubricants plant uses the FIFO method to account for its work$-$in$-$process inventories. The accounting records

show the following information for a particular day.

Beginning WIP inventory

Direct materials $ $985$

Conversion costs $,572$

Current period costs

Direct materials $27,275$

Conversion costs $,18,722$

Quantity information is obtained from the manufacturing records and includes the following.

Beginning inventory $850$ units $(70\%$ complete as to materials,

$60\%$ complete as to conversion$)$

Current period units started $6,000$ units

Ending inventory $,1,600$ units complete as to materials,

$20\%$ complete as to conversion$)$

Exercise $8-36($Algo$)$ Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method $($LO $8-$

Compute the cost of goods transferred out and the ending inventory using the FIFO method. $($Do not round intermediate

calculations.$)$