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Problem
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 $ 2,300 Conversion costs 500 Current period costs Direct materials 30,638 Conversion costs 17,287
Quantity information is obtained from the manufacturing records and includes the following:
Beginning inventory 570 units (60% complete as to materials, 60% complete as to conversion) Current period units started 4,200 units Ending inventory 1,000 units (50% complete as to materials, 10% complete as to conversion)
Required:
Compute the cost of goods transferred out and the ending inventory using the FIFO method.
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