! Required information Exercise 8-35 & 8-36 (Static) (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. $ 976 272 Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs 11,440 6,644 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 600 units (60% complete as to materials, 53% complete as to conversion) 4,000 units 1,200 units (40% complete as to materials, 20% complete as to conversion) Exercise 8-36 (Static) 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 calculations.) Cost of goods transferred out Cost of ending inventory