Question
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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