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:

 

    Beginning WIP inventory   Direct materials$970 Conversion costs 512 Current period costs   Direct materials 21,510 Conversion costs 15,561 

 

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

 

    Beginning inventory650units(60% complete as to materials,
56% complete as to conversion)Current period units started5,600units Ending inventory1,800units(40% complete as to materials,
20% complete as to conversion)

10) Required information.                                        

  
 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.)

 
11.                                                                           

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

 

Answer 1