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 $ 982 Conversion costs 377 Current period costs Direct materials 14,965 Conversion costs 9,990 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (65% complete as to materials, 55% complete as to conversion) Current period units started 4,700 units Ending inventory 1,600 units (45% complete as to materials, 15% complete as to conversion) Exercise 8-36 (Algo) 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.