Solution-Find cost of goods transferred out and ending

Find cost of goods transferred out and ending inventory

Reference no: EM132731531

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.

Beginning inventory550units(70% complete to materials, 60% complete to conversion)

Current period units started4,200units

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: EM132731531

Questions Cloud

Calculate monthly payments : Suppose that on January 1 you have a balance of ?$3400 on a credit card whose APR is 17%, which you want to pay off in 3 years. Assume that you make

How do find the tax and the tax refund or balance due : Andy's salary (Federal withholding $3,000) 45,000.Take a standard deduction, consider child tax credit, and compute their tax and the tax refund or balance due.

Find shares can the firm repurchase : Florence Mills is an all-equity firm with a total market value of $250,000. The firm has 8,000 shares of stock outstanding. Management is considering issuing

Find opportunity cost of using the used equipment : If GI's marginal tax rate is 34%, what is its opportunity cost of using the used equipment in the foreign project?

Find cost of goods transferred out and ending inventory : The Matsui Lubricants plant uses the FIFO method. Compute the cost of goods transferred out and the ending inventory using the FIFO method

What is the? bond yield to? maturity : The market price is ?$750 for a 20?-year bond ?($1,000 par? value) that pays 9 percent annual? interest, but makes interest payments on a semiannual basis

Characterize the risks the position exposes : A U.S. bank issues a one-year U.S. CD (certificate of deposit) at 5 percent annual interest to finance a C $1.321 million (Canadian dollar) investment in two-ye

Describe main problem in the affected area of the globe : On the basis of your research and data gathered, create a 8- to 10-page report that addresses the following: The main problem in the affected area of the globe.

Write up an Investment Process document : Write up an Investment Process document to detail the steps involved and Construct an overall Excel spreadsheet to show the portfolio's performance

User Account

All Pages

Find cost of goods transferred out and ending inventory

Reference no: EM132731531

Reference no: EM132731531

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Zhdanov inc forecasts that its free cash flow in the coming

Discuss about the capital budgeting and risk analysis

What would the couple IRA deduction be for the tax year

What is the ending balance of the Deferred Tax Liability

How determine for march the equivalent units of production

Prepare an owner equity statement

Softball team as a form of advertising

Youve made it corporation presents the following partial

What is a t account

What impact does the purchases have on owners equity

What are the tax consequences of this transaction to Lauren

Adjusted trial balance for account and its ledger

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT