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 Conversion costs Beginning inventory Current period units started Ending inventory $ 962 497 Quantity information is obtained from the manufacturing records and includes the following. 19,320 14,994 Cost of goods transferred out Cost of ending inventory (70% complete as to materials, 55% complete as to conversion) 600 units 5,500 units 1,700 units ( 50 % 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 intermediate calculations.)
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 Conversion costs Beginning inventory Current period units started Ending inventory $ 962 497 Quantity information is obtained from the manufacturing records and includes the following. 19,320 14,994 Cost of goods transferred out Cost of ending inventory (70% complete as to materials, 55% complete as to conversion) 600 units 5,500 units 1,700 units ( 50 % 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 intermediate calculations.)
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 3CMA: Kimbeth Manufacturing uses a process cost system to manufacture dust density sensors for the mining...
Related questions
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
Conversion costs
Current period costs
Direct materials
Conversion costs
Beginning inventory
Current period units started
Ending inventory
962
497
Quantity information is obtained from the manufacturing records and includes the following.
19,320
14,994
Cost of goods transferred out
Cost of ending inventory
600 units
5,500 units
1,700 units (50% complete as to materials,
20% complete as to conversion)
(70% complete as to materials,
55% 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
intermediate calculations.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf696d95-d598-4899-81a0-0fd379351e1c%2F1662932d-fd65-4c4d-9a91-5be07f39eed0%2Fzj6l9jl_processed.png&w=3840&q=75)
Transcribed Image Text: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
Conversion costs
Beginning inventory
Current period units started
Ending inventory
962
497
Quantity information is obtained from the manufacturing records and includes the following.
19,320
14,994
Cost of goods transferred out
Cost of ending inventory
600 units
5,500 units
1,700 units (50% complete as to materials,
20% complete as to conversion)
(70% complete as to materials,
55% 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
intermediate calculations.)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
![Cornerstones of Cost Management (Cornerstones Ser…](https://www.bartleby.com/isbn_cover_images/9781305970663/9781305970663_smallCoverImage.gif)
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
![Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
![Principles of Cost Accounting](https://www.bartleby.com/isbn_cover_images/9781305087408/9781305087408_smallCoverImage.gif)
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
![Cornerstones of Cost Management (Cornerstones Ser…](https://www.bartleby.com/isbn_cover_images/9781305970663/9781305970663_smallCoverImage.gif)
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning