Reference no: EM132875322

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 $1010

Conversion costs 527

Current period costs

Direct materials 22,540

Conversion costs 15,283

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

Beginning inventory 700units (65% complete as to materials,55% complete as to conversion)

Current period units started 5,700 units

Ending inventory 1,900units (45% complete as to materials,20% complete as to conversion)

Required -

1) Compute the equivalent units for the materials and conversion cost calculations

2) Compute the cost per equivalent unit for direct materials and conversion costs. (Round your answers to 2 decimal places.)

3) Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate calculations.)