Required information[The following information applies to the questions displayed below.]The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. Theaccounting records show the following information for a particular day.Beginning WIP inventory$Direct materials986Conversion costs317Current period costsDirect materials12,3906,083Conversion costsQuantity information is obtained from the manufacturing records and includes the following.Beginning inventory600 units (60% complete as to materials,53% complete as to conversion)Current period units startedEnding inventory4,300 units1,200 units (40% complete as to materials,25% complete as to conversion)Compute the cost of goods transferred out and the ending inventory using the weighted-average method. (Do not round intermediatecalculations.)

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Description: Required information[The following information applies to the questions displayed below.]The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. Theaccounting records show the following informatio

Transferred in costs are those costs which are accumulated during the upstream process of production…

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The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. T accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 986 Conversion costs 317 Current period costs Direct materials 12,390 Conversion costs 6,083 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 600 units (60% complete as to materials, 53% complete as to conversion) Current period units started 4,300 units

The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. T accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 986 Conversion costs 317 Current period costs Direct materials 12,390 Conversion costs 6,083 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 600 units (60% complete as to materials, 53% complete as to conversion) Current period units started 4,300 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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