Required Information Exercise 8-35 & 8-36 (Algo) (LO 8-5) (The following information applies to the questions displayed below) The Matsul Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting re show the following Information for a particular day. 986 317 Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs 12,415 8.441 Quantity Information is obtained from the manufacturing records and includes the following Beginning Inventory Current period units started Ending inventory Gee units (Ges complete as to materials, 55% complete as to conversion) 4,300 units 1.200 units (40% complete as to materials, 25% complete as to conversion) Exercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Methe Compute the cost of goods transferred out and the ending Inventory using the FIFO method. (Do not round Intermediate calculations.) Cost of goods transferred out Cost of ending inventory