The Matsui Lubricants plant uses the FIFO 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	$	955
Conversion costs		482
Current period costs
Direct materials		16,310
Conversion costs		13,566

Quantity information is obtained from the manufacturing records and includes the following:

Beginning inventory	550	units	(60% complete as to materials, 56% complete as to conversion)
Current period units started	5,400	units
Ending inventory	1,600	units	(40% complete as to materials, 30% complete as to conversion)

References

Section BreakExercise 8-33 & 8-34 (LO 8-5)

7.

value: 1.50 points

Required information

Exercise 8-33 Compute Costs per Equivalent Unit: FIFO Method (LO 8-5)

Required:

(1) Compute the equivalent units for the materials and conversion cost calculations.

(2) Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.)

References

eBook & Resources

WorksheetDifficulty: 2 Medium

Exercise 8-33 Compute Costs per Equivalent Unit: FIFO Method (LO 8-5)Learning Objective: 08-05 Assign costs to products using first-in, first-out (FIFO) costing.

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8.

value: 2.00 points

Required information

Exercise 8-34 Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5)

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