Required information

Exercise 8-33 & 8-34 (Static) (LO 8-2, 3)

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[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)

Exercise 8-34 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3)

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