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Required information 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

Required information

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 $ 962
Conversion costs 497
Current period costs
Direct materials 19,320
Conversion costs 14,994

Quantity information is obtained from the manufacturing records and includes the following:

Beginning inventory 600 units (70% complete as to materials, 55% complete as to conversion)
Current period units started 5,500 units
Ending inventory 1,700 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.)

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