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
$
970
Conversion costs
347
Current period costs
Direct materials
14,330
Conversion costs
6,997
Quantity information is obtained from the manufacturing records and includes the following:
Beginning inventory
700
units
(70% complete as to materials, 55% complete as to conversion)
Current period units started
4,500
units
Ending inventory
1,400
units
(50% complete as to materials, 20% complete as to conversion)
3.
value: 2.50 points
Required information
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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