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 $ 980 Conversion costs 557 Current period costs Direct materials 26,600 Conversion costs 18,090 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (60% complete as to materials, 50% complete as to conversion) Current period units started 5,900 units Ending inventory 1,500 units (40% complete as to materials, 15% 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 $ 980 Conversion costs 557 Current period costs Direct materials 26,600 Conversion costs 18,090 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (60% complete as to materials, 50% complete as to conversion) Current period units started 5,900 units Ending inventory 1,500 units (40% complete as to materials, 15% 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 | $ | 980 | |
| Conversion costs | 557 | ||
| Current period costs | |||
| Direct materials | 26,600 | ||
| Conversion costs | 18,090 | ||
Quantity information is obtained from the manufacturing records and includes the following.
| Beginning inventory | 800 | units | (60% complete as to materials, 50% complete as to conversion) |
| Current period units started | 5,900 | units | |
| Ending inventory | 1,500 | units | (40% complete as to materials, 15% 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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