Required information [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. $ 985 572 Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs 27,275 18,722 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 850 units (70% complete as to materials, 60% complete as to conversion) 6,000 units 1,600 units (50% complete as to materials, 20% complete as to conversion) 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