Required information Exercise 8-35 & 8-36 (Algo) (LO 8-5) (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 Beginning MIP inventory Direct materials Conversion costs Current period costs Direct materiale Conversion costs 02 12,200 27 Quantity Information is obtained from the manufacturing records and includes the following teginning inventory Current period units started Ending foventary 550 units complete as to materials, es complete as to conversion 4,200 units 1.100 units (os complete as to materials, 205 complete as to conversion) Exercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8. 5) Help Save & 302 2 E- Conversion costs Current period costs Direct materials Conversion costs 12,200 7.788 Quantity Information is obtained from the manufacturing records and includes the following ins Beginning inventory Current period units started Ending inventory BOK S50 units (705 complete to materials, 60% complete as to conversion) 4,200 units 1.100 units (sex complete as to materials, 20% complete 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. (De not round intermediate calculations.) Cost of goods transferred out Cost of ending Inventory