Required information Exercise 8-33 & 8-34 (Algo) (LO 8-2, 3) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the weighted-average 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 $ 980 Conversion costs 287 Current period costs Direct materials Conversion costs 11,170 4,963 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 500 units (65% complete as to materials, 50% complete as to conversion) 4,100 units 1,000 units (45% complete as to materials, 15% complete as to conversion) Exercise 8-34 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Compute the cost of goods transferred out and the ending inventory using the weighted-average method. (Do not round intermediate calculations.) Costs of goods transferred out Costs in ending inventory