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. $ 951 452 Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs 14,690 11,928 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 400 units (60% complete as to materials, 55% complete as to conversion) 5,200 units 1,400 units (40% 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- 5) Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate calculations.) $ 3 Cost of goods transferred out Cost of ending inventory $ 3