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. Current period costs Beginning WIP inventory Direct materials Conversion costs Direct materials Conversion costs $ 1,010 527 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)