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   542   Current period costs       Direct materials   23,520   Conversion costs   16,555       Quantity information is obtained from the manufacturing records and includes the following.           Beginning inventory 750 units (60% complete as to materials, 56% complete as to conversion) Current period units started 5,800 units   Ending inventory 2,000 units (40% complete as to materials, 30% complete as to conversion)   Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate calculations.)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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   542  
Current period costs      
Direct materials   23,520  
Conversion costs   16,555  
 

 

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

 

       
Beginning inventory 750 units (60% complete as to materials,
56% complete as to conversion)
Current period units started 5,800 units  
Ending inventory 2,000 units (40% complete as to materials,
30% complete as to conversion)
 

Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate calculations.)

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