Required information Exercise 8-37, 8-38, 8-39, 8-40 (Algo) (LO 8-2, 3, 5) [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $890,960 on October 1. Of this amount, $358,200 was the cost of direct materials and $532,760 was the cost of conversion. The 62,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs. During October, 130,000 units were transferred out and 44,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,304,000 for direct materials and $4,130,820 for conversion. Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8- 2,5) a-1. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. (Do not round intermediate calculations.) Cost of goods transferred out $ 890,960 x Cost of ending inventory $ 1,228,920