Question
In: Accounting
Required information The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories....
Required information
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 | $ | 962 | |
| Conversion costs | 497 | ||
| Current period costs | |||
| Direct materials | 19,320 | ||
| Conversion costs | 14,994 | ||
Quantity information is obtained from the manufacturing records and includes the following:
| Beginning inventory | 600 | units | (70% complete as
to materials, 55% complete as to conversion) |
| Current period units started | 5,500 | units | |
| Ending inventory | 1,700 | units | (50% complete as
to materials, 20% complete as to conversion) |
Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate calculations.)
Solutions
Expert Solution
The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.
ekkarill92 answered 2 years agoRelated Solutions
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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 467
Current period costs
Direct materials 15,180
Conversion costs 12,557
Quantity information is obtained from the manufacturing
records and includes the following:
Beginning inventory 500 units (60% complete as to
materials,
54% complete as to conversion)
Current period units started 5,300 units
Ending inventory 1,500 units...
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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
$
985
Conversion costs
572
Current period costs
Direct materials
27,275
Conversion costs
18,722
Quantity information is obtained from the manufacturing records
and includes the following:
Beginning inventory
850
units
(70% complete as to materials,
60% complete as to conversion)
Current period units started
6,000
units
Ending inventory
1,600
units...
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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 $ 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...
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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 $ 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...
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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
$ 975
Conversion costs
362
Current period costs
Direct materials
14,400
Conversion costs
9,776
Quantity information is obtained from the manufacturing records
and includes the following:
Beginning inventory
750 units
(60% complete as to materials,
52% complete as to conversion)
Current period units started
4,600 units
Ending inventory
1,500 units...
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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
$
980
Conversion costs
287
Current period costs
Direct materials
11,285
Conversion costs
7,287
Quantity information is obtained from the manufacturing records
and includes the following.
Beginning inventory
500
units
(60% complete as to materials,
56% complete as to conversion)
Current period units started
4,100
units
Ending inventory
1,000
units...
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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
$
980
Conversion costs
287
Current period costs
Direct materials
11,285
Conversion costs
7,287
Quantity information is obtained from the manufacturing records
and includes the following.
Beginning inventory
500
units
(60% complete as to materials,
56% complete as to conversion)
Current period units started
4,100
units
Ending inventory
1,000
units...
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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
$
1,010
Conversion costs
527
Current period costs
Direct materials
22,540
Conversion costs
15,283
Quantity information is obtained from the manufacturing records
and includes the following.
Beginning inventory
700
units
(65% complete as to materials,
55% complete as to conversion)
Current period units started
5,700
units
Ending inventory
1,900
units...
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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 $ 985
Conversion costs 572
Current period costs Direct materials 27,275
Conversion costs 18,722
Quantity information is obtained from the manufacturing records
and includes the following:
Beginning inventory 850 units (70% complete as to materials, 60%
complete as to conversion)
Current period units started 6,000 units Ending inventory 1,600
units...
The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting...
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 $ 980 Conversion costs 557 Current period costs
Direct materials 26,600 Conversion costs 18,090 Quantity
information is obtained from the manufacturing records and includes
the following: Beginning inventory 800 units (60% complete as to
materials, 50% complete as to conversion) Current period units
started 5,900 units Ending inventory 1,500 units...
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