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 $ 2,200 Conversion costs 700 Current period costs: Direct materials 30,488 Conversion costs 20,555 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 560 units (60% complete as to materials, 60% complete as to conversion) Current period units started 4,200 units Ending inventory 1,100 units (40% complete as to materials, 20% complete as to conversion)
Required: Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Round unit costs for materials and conversion to 2 decimal places and the final answers to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.) Cost of goods transferred out $ Cost of ending inventory $