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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:
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) |
Required: |
Compute the cost of goods transferred out and the ending inventory using the weighted-average method. (Round your intermediate calculations to 2 decimal places.) |
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