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Compute Costs per Equivalent Unit: FIFO Method
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
6,644
Quantity information is obtained from the manufacturing records and includes the following:
Beginning inventory
600 units (60% complete as to materials,
53% complete as to conversion)
Current period units started
4,000 units
Ending inventory
1,200 units (40% complete as to materials,
20% complete as to conversion)
Required
Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.
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