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I have 4 cost accounting questions that I need help with. The questions are attached in a file below. Thank-you for the help. 1. The
I have 4 cost accounting questions that I need help with. The questions are attached in a file below. Thank-you for the help.
1. The Matsui Lubricants plant uses the FIFO method to account for its work-inprocess inventories. The accounting records show the following information for a particular day: Beginning WIP inventory Direct materials $ 2,006 Conversion costs 570 Current period costs Direct materials 23,260 Conversion costs 13,416 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 600units(50% complete as to materials, 40% complete as to conversion) 3,600units 1,300units(40% complete as to materials, 30% complete as to conversion) Required: Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.) 2. The Matsui Lubricants plant uses the FIFO method to account for its work-inprocess inventories. The accounting records show the following information for a particular day: Beginning WIP inventory Direct materials $ 2,000 Conversion costs 700 Current period costs Direct materials 21,978 Conversion costs 14,222 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 560units(50% complete as to materials, 40% complete as to conversion) Current period units started Ending inventory 3,600units 1,300units(30% complete as to materials, 30% complete as to conversion) Required: Compute the cost of goods transferred out and the ending inventory using the FIFO 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 $377,080 on October 1. Of this amount, $150,860 was the cost of direct materials and $226,220 was the cost of conversion. The 22,000 units in the beginning inventory were 20 percent complete with respect to both direct materials and conversion costs. During October, 50,000 units were transferred out and 17,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $1,163,900 for direct materials and $1,522,420 for conversion. Required: Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.(Round your answers to 2 decimal places.) 4. Pacific Ink had beginning work-in-process inventory of $1,145,890 on October 1. Of this amount, $486,200 was the cost of direct materials and $659,690 was the cost of conversion.The 67,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 140,000 units were transferred out and 49,000 remained in ending inventory.The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,818,400 for direct materials and $4,505,850 for conversion. Required: Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method.(Round intermediate calculations to 2 decimal places.)Step by Step Solution
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