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Compute the cost of goods transferred out

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Question - 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 $976

Conversion cost $272

Current period costs

Direct materials $11,440

Conversion cost $6,644

Quantity information is obtained from the manufacturing records and includes the following:

Beginning inventory 600 units (60% complete t materials and 53% complete to conversion)

Current period units started 4000 units

Ending inventory 1200 units (40% complete to materials and 20% complete to conversion)

Required - Compute the cost of goods transferred out and the ending inventory using the FIFO method?

Reference no: EM132767000

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