Required information 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 Conversion costs $ 1,010 527 Current period costs Direct materials Conversion costs 22,540 15,283 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 700 units (65% complete as to materials, 55% complete as to conversion) 5,700 units 1,900 units (45% 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)