Please do not give solution in image format thanku Required informationExercise 8-35 & 8-36 (Algo) (LO 8-5)[The following information applies to the questions displayed below.]The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting recordsshow the following information for a particular day.Beginning WIP inventoryDirect materialsConversion costsCurrent period costsDirect materialsConversion costsBeginning inventoryCurrent period units startedEnding inventory$ 975362Quantity information is obtained from the manufacturing records and includes the following.14,4009,776Cost of goods transferred outCost of ending inventory750 units4,600 units1,500 units(60% complete as to materials,52% complete as to conversion)(40 % complete as to materials,20% complete as to conversion)Exercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5)Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediatecalculations.)

The question is based on the concept of Cost Accounting. First-in-first-out (FIFO) Method is a…

Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] 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 Conversion costs Current period costs Direct materials 975 362 14 199

Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] 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 Conversion costs Current period costs Direct materials 975 362 14 199

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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