Required information (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. $1,000 437 Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs 18,400 10,111 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started Ending inventory 400 units (70% complete as to materials, 528 complete as to conversion) 5, 100 units 1,300 units (50% complete as to materials, 15% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs. Compute the equivalent units for the materials and conversion cost calculations. Equivalent units for materials Equivalent units for conversion costs Compute the cost per equivalent unit for direct materials and conversion costs. (Round your answers to 2 decimal places.) Cost Per Equivalent Unit Materials Conversion costs Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs using the weighted- average method. Compute the cost of goods transferred out and the ending inventory using the weighted average method. (Do not round intermediate calculations.) Costs of goods transferred out Costs in ending inventory Compute the equivalent units for the materials and conversion cost calculations. Equivalent units for materials Equivalent units for conversion costs Compute the cost per equivalent unit for direct materials and for conversion costs using the weighted average method. (Round your answers to 2 decimal places.) Cost Per Equivalent Unit Direct materials Conversion costs Compute the costs of goods transferred out and the ending inventory using the weighted average method. (Round intermediate calculations to 2 decimal places.) Cost of goods transferred out Ending inventory Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. Compute the equivalent units for the materials and conversion cost calculations. Equivalent units for materials Equivalent units for conversion costs Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. answers to 2 decimal places.) Cost Per Equivalent Unit Direct materials Conversion costs a-1. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. (Do not round intermediate calculations.) Cost of goods transferred out Cost of ending inventory Is the ending inventory higher or lower under the weighted average method compared to FIFO? O Higher O Lower
