Question
In: Accounting
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 (40% 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
ekkarill92 answered 1 year 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
$ 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...
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
$
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...
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