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Find and compute the cost of goods transferred out

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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$980

Conversion costs 302

Current period costs

Direct materials 12,208

Conversion costs 7,788

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

  1. Beginning inventory550units(70% complete to materials, 60% complete to conversion)
  2. Current period units started4,200units
  3. Ending inventory1,100units(50% complete to materials,20% complete to conversion)

Problem 1: Compute the cost of goods transferred out and the ending inventory using the FIFO method

Reference no: EM132723878

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