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Required information Skip to question [The following information applies to the questions displayed below.] The Matsui...

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[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 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.)

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