Question
Required information Exercise 8-33 & 8-34 (Static) (LO 8-2, 3) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the
Required information
Exercise 8-33 & 8-34 (Static) (LO 8-2, 3)
[The following information applies to the questions displayed below.] 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 | $ | 976 | |
| Conversion costs | 272 | ||
| Current period costs | |||
| Direct materials | 11,440 | ||
| Conversion costs | 6,644 | ||
Quantity information is obtained from the manufacturing records and includes the following.
| Beginning inventory | 600 | units | (60% complete as to materials, 53% complete as to conversion) |
| Current period units started | 4,000 | units | |
| Ending inventory | 1,200 | units | (40% complete as to materials, 20% complete as to conversion) |
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Intermediate Accounting Volume 2
Authors: Hanlon, Hodder, Nelson, Roulstone, Dragoo
2nd Edition
1618533134, 9781618533357
