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 332 Current period costs Direct materials 13,580 Conversion costs 8,844 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 650 units (60% complete as to materials,50% complete as to conversion) Current period units started 4,400 units Ending inventory 1,300 units (40% complete as to materials,20% complete as to conversion) References Section BreakExercise 8-33 & 8-34 (LO 8-5) 5. value:1.23 points Required information Exercise 8-33 Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: (1) Compute the equivalent units for the materials and conversion cost calculations. (2) Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.)
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 332 Current period costs Direct materials 13,580 Conversion costs 8,844 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 650 units (60% complete as to materials,50% complete as to conversion) Current period units started 4,400 units Ending inventory 1,300 units (40% complete as to materials,20% complete as to conversion) References Section BreakExercise 8-33 & 8-34 (LO 8-5) 5. value:1.23 points Required information Exercise 8-33 Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: (1) Compute the equivalent units for the materials and conversion cost calculations. (2) Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | $ | 991 | |
| Conversion costs | 332 | ||
| Current period costs | |||
| Direct materials | 13,580 | ||
| Conversion costs | 8,844 | ||
Quantity information is obtained from the manufacturing records and includes the following:
| Beginning inventory | 650 | units | (60% complete as to materials, 50% complete as to conversion) |
| Current period units started | 4,400 | units | |
| Ending inventory | 1,300 | units | (40% complete as to materials, 20% complete as to conversion) |
References
Section BreakExercise 8-33 & 8-34 (LO 8-5)
5.
value:
1.23 points
1.23 points
Required information
Exercise 8-33 Compute Costs per Equivalent Unit: FIFO Method (LO 8-5)
Required:
(1) Compute the equivalent units for the materials and conversion cost calculations.
(2) Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.)
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