Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 $ 970
Conversion costs 347
Current period costs
Direct materials 14,330
Conversion costs 6,997

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

Beginning inventory 700 units (70% complete as to materials, 55% complete as to conversion)
Current period units started 4,500 units
Ending inventory 1,400 units (50% complete as to materials, 20% complete as to conversion)

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Assurance Services And Forensics A Comprehensive Approach

Authors: Felix I. Lessambo

1st Edition

3319905201, 9783319905204

More Books

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago