Question
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:
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.
Check my work
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.)
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