The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The...
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Accounting
The Matsui Lubricants plant uses the weighted-average 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 | $ | 955 | |
| Conversion costs | 482 | ||
| Current period costs | |||
| Direct materials | 21,190 | ||
| Conversion costs | 12,559 | ||
Quantity information is obtained from the manufacturing records and includes the following.
| Beginning inventory | 550 | units | (70% complete as to materials, 56% complete as to conversion) |
| Current period units started | 5,400 | units | |
| Ending inventory | 1,600 | units | (50% complete as to materials, 30% complete as to conversion) |
Compute the cost of goods transferred out and the ending inventory using the weighted-average method. (Do not round intermediate calculations.)
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