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Compute the cost of goods transferred out

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Question - 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 $976

Conversion costs 272

Current period costs Direct materials 11,440

Conversion costs 6,644

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

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

Current period units started 4,000 units

Ending inventory 1,200 units (40% complete to materials, 20% complete to conversion)

Required - Compute the cost of goods transferred out and the ending inventory using the weighted-average method.

Reference no: EM132768005

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