Required information

Exercise 8-35 & 8-36 (Algo) (LO 8-5)

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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)

Exercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5)

Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate