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Exercise 8-31 & 8-32 (LO 8-2, 3) The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show

Exercise 8-31 & 8-32 (LO 8-2, 3)

The Matsui Lubricants plant uses the weighted-average 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

332

Current period costs

Direct materials

13,100

Conversion costs

6,485

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

Beginning inventory

650

units

(60% complete as to materials, 54% complete as to conversion)

Current period units started

4,400

units

Ending inventory

1,300

units

(40% complete as to materials, 20% complete as to conversion)

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

Compute the cost of goods transferred out and the ending inventory using the weighted-average method

Cost of Goods transferred out?????

Cost of Ending Inventory?????

Please include every step and show all work, thank you

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