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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	$	991
Conversion costs		422
Current period costs
Direct materials		18,640
Conversion costs		13,734

Quantity information is obtained from the manufacturing records and includes the following.

Beginning inventory	950	units	(60% complete as to materials, 56% complete as to conversion)
Current period units started	5,000	units
Ending inventory	1,200	units	(40% complete as to materials, 30% complete as to conversion)

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

Answer 1

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