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 $ 991 Conversion costs 422 Current period costs Direct materials 18,640 Conversion costs 13,734 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 950 units (60% complete as to materials, 56% complete as to conversion) Current period units started 5,000 units Ending inventory 1,200 units (40% complete as to materials, 30% 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 $ 991 Conversion costs 422 Current period costs Direct materials 18,640 Conversion costs 13,734 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 950 units (60% complete as to materials, 56% complete as to conversion) Current period units started 5,000 units Ending inventory 1,200 units (40% complete as to materials, 30% 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.)
Chapter1: Financial Statements And Business Decisions
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Exercise 8-35 & 8-36 (Algo) (LO 8-5)
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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 | $ | 991 | |
| Conversion costs | 422 | ||
| Current period costs | |||
| Direct materials | 18,640 | ||
| Conversion costs | 13,734 | ||
Quantity information is obtained from the manufacturing records and includes the following.
| Beginning inventory | 950 | units | (60% complete as to materials, 56% complete as to conversion) |
| Current period units started | 5,000 | units | |
| Ending inventory | 1,200 | units | (40% complete as to materials, 30% 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.)
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