Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone help me withthese 4 questions? It would be greatly appreciated. 1. The Matsui Lubricants plant uses the weighted-average method to account for its
Can someone help me withthese 4 questions? It would be greatly appreciated.
1. The Matsui Lubricants plant uses the weighted-average method to account for its work-inprocess inventories. The accounting records show the following information for a particular day: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 1,940 476 22,13 0 12,94 6 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 560 units (50% complete as to materials, 63% complete as to conversion) 3,700 units 1,100 units (50% complete as to materials, 10% complete as to conversion) Required: Compute the cost per equivalent unit for direct materials and conversion costs using the weighted-average method. (Round your answers to 2 decimal places.) 2. The Matsui Lubricants plant uses the weighted-average method to account for its work-inprocess inventories. The accounting records show the following information for a particular day: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 1,957 552 22,50 0 13,20 0 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 590 units (58% complete as to materials, 51% complete as to conversion) 4,100 units 1,100 units (41% complete as to materials, 19% complete as to conversion) Required: Compute the cost of goods transferred out and the ending inventory using the weightedaverage method. (Do not round your intermediate calculations. Round your final answers to nearest whole dollar value.) 3. Pacific Ink had beginning work-in-process inventory of $371,740 on October 1. Of this amount, $150,760 was the cost of direct materials and $220,980 was the cost of conversion. The 21,000 units in the beginning inventory were 40 percent complete with respect to both direct materials and conversion costs. During October, 48,000 units were transferred out and 13,000 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $1,170,700 for direct materials and $1,515,320 for conversion. Required: Compute the cost per equivalent unit for direct materials and for conversion costs using the weighted-average method. (Round your answers to 2 decimal places.) 4. Pacific Ink had beginning work-in-process inventory of $809,670 on October 1. Of this amount, $438,600 was the cost of direct materials and $371,070 was the cost of conversion. The 24,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 54,000 units were transferred out and 14,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $1,754,400 for direct materials and $2,102,730 for conversion. Required: Compute the costs of goods transferred out and the ending inventory using the weightedaverage method. (Do not round your intermediate calculations. Round your final answers to nearest whole dollar value.)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started