The Matsui Lubricants plant uses the FIFO method to account forits work-in-process inventories. The accounting records show thefollowing information for a particular day:
Beginning WIP inventory
Direct materials $ 1,000
Conversion costs 437
Current period costs
Direct materials 15,995
Conversion costs 13,992
Quantity information is obtained from the manufacturing recordsand includes the following:
Beginning inventory 400 units (70% complete as to materials, 55%complete as to conversion)
Current period units started 5,100 units
Ending inventory 1,300 units (50% complete as to materials, 20%complete as to conversion)
Compute the cost of goods transferred out and the endinginventory using the FIFO method. (Do not round intermediatecalculations.)
