Business, 13.04.2021 02:10 floreschachi8230

The Matsui Lubricants plant uses the FIFO 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 $ 982 Conversion costs 377 Current period costs Direct materials 14,965 Conversion costs 9,990 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (65% complete as to materials, 55% complete as to conversion) Current period units started 4,700 units Ending inventory 1,600 units (45% complete as to materials, 15% complete as to conversion) Exercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5) Compute the cost of goods transferred out and the ending inventory using the FIFO method.

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Answer from: lexidecker243

The Matsui Lubricants

Plant Department

Cost of goods transferred out = $20,904

Cost of ending inventory = $2,774

Explanation:

a) Data and Calculations:

Direct Materials Conversion Total

Beginning WIP inventory $982 $377 $1,359

Current period costs 14,965 9,990 24,955

Units Direct Materials Conversion

Beginning inventory 800 65% 55%

Current units 4,700

Total units available 5,500

Transferred out 3,900 100% 100%

Ending inventory 1,600 45% 15%

Equivalent units:

Units Direct Materials Conversion

Beginning inventory 800 520 (65%) 440 (55%)

Units transferred 3,900 3,900 (100%) 3,900 (100%)

Ending inventory 1,600 720 (45%) 240 (15%)

Total equivalent units 5,140 4,580

Cost of production:

Direct Materials Conversion Total

Beginning WIP inventory $982 $377 $1,359

Current period costs 14,965 9,990 24,955

Total cost of production $15,947 $10,367 $26,314

Cost per EUP:

Direct Materials Conversion

Total cost of production $15,947 $10,367

Total equivalent units 5,140 4,580

Cost per equivalent unit $3.10 $2.26

Assignment of Costs to:

Direct Materials Conversion Total

Beginning inventory $1,612 (520*$3.10) $994 (440*$2.26) $2,606

Transferred out 12,090 (3,900*$3.10) 8,814 (3,900*$2.26) 20,904

Ending inventory 2,232 (720*$3.10) 542 (240*$2.26) 2,774

Total assigned costs $15,934 $10,350 $26,284

Answer from: Quest

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

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