Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the matsui lubricants plant uses the weighted-aver

The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The...

70.2K

Verified Solution

Question

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.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

4.During the course of the development of our understanding of the structure of the plasma membrane,...

Basic Math
1.2K views

According to a Virginia Tech survey, college students make an average of 11 cell phone calls...

Biology
1.2K views

A random event in a small population can lead to a change in how common...

Physics
1.2K views

In young s double slit experiment fringe width is found to be 0 4 mm...

Physics
1.2K views

The potential of earth is zero because it is 1 unchanged 3 an object of...

Calculus
1.2K views

Find all solutions of the equation 2 sin x 1 0 Select the correct answer...

Calculus
1.2K views

y 6 csc zx www a The period of y 6 6 csc x is...

Algebra
1.2K views

If f x x which equation describes the graphed function A B C D 2...

Accounting
1.2K views

Sheffield Company had 100 units in beginning inventory at a total cost of $10,000. The...

Accounting
1.2K views

What ethical challenges face the accountant when he plays the role of a whistle blower?

Accounting
1.2K views

The budget director of Heather's Florist has prepared the following sales budget. The company had...

Accounting
1.2K views

s Wolanin Containers currently uses a recycled plastic to make bottles for the food industry....