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 $1,070,790 on October 1 . Of this amount, $436,900 was the cost of direct materials and $633,890 was the cost of conversion. The 65,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 136,000 units were transferred out and 47,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,390,200 for direct materials and $4,343,130 for conversion. :xercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average lethod (LO 8-2, 3) ompute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate alculations to 2 decimal places.)