Return to question 2 Part 2 of 2 Required information (The following information applies to the questions displayed below.) Pacific Ink had beginning work-in-process inventory of $905,260 on October 1. Of this amount, $371,520 was the cost of direct materials and $533,740 was the cost of conversion. The 56,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. 20 points During October, 118,000 units were transferred out and 38,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,895,200 for direct materials and $3,631,680 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. (Do not round intermediate calculations.) $ Cost of goods transferred out Cost of ending inventory 7,038,992 X 1,298,536 X $ Reg A1 Req A2 >