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	$	962
Conversion costs		497
Current period costs
Direct materials		21,390
Conversion costs		12,537

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

Beginning inventory	600	units	(60% complete as to materials, 56% complete as to conversion)
Current period units started	5,500	units
Ending inventory	1,700	units	(40% complete as to materials, 15% complete as to conversion)

References

Section BreakExercise 8-31 & 8-32 (LO 8-2, 3)

5.

value: 1.50 points

Required information

Exercise 8-31 Compute Costs per Equivalent Unit: Weighted-Average Method (LO 8-3)

Required:

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

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

References

eBook & Resources

WorksheetDifficulty: 2 Medium

Exercise 8-31 Compute Costs per Equivalent Unit: Weighted-Average Method (LO 8-3)Learning Objective: 08-03 Assign costs to products using weighted-average costing.

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6.

value: 2.00 points

Required information

Exercise 8-32 Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3)

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