Illustrate the cost of goods transferred out

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Reference no: EM132735082

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

Conversion costs 6,644

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

Beginning inventory600units(60% complete as to materials, 53% complete as to conversion)

Current period units started4,000units

Ending inventory1,200units(40% complete as to materials, 20% complete as to conversion)

Problem 1: Compute the cost of goods transferred out and the ending inventory using the weighted-average method. (Do not round intermediate calculations.)

Reference no: EM132735082

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