Question

Exercise 8-31 & 8-32 (LO 8-2, 3)

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	$	991
Conversion costs		332
Current period costs
Direct materials		13,100
Conversion costs		6,485

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

Beginning inventory	650	units	(60% complete as to materials, 54% complete as to conversion)
Current period units started	4,400	units
Ending inventory	1,300	units	(40% complete as to materials, 20% complete as to conversion) Compute the cost of goods transferred out and the ending inventory using the weighted-average method. (Do not round intermediate calculations.) Compute the cost of goods transferred out and the ending inventory using the weighted-average method Cost of Goods transferred out????? Cost of Ending Inventory????? Please include every step and show all work, thank you

Answer 1