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Problem
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 $ 970 Conversion costs 512 Current period costs Direct materials 22,295 Conversion costs 13,437
Quantity information is obtained from the manufacturing records and includes the following:
Beginning inventory 650 units (60% complete as to materials,54% complete as to conversion)Current period units started 5,600 units Ending inventory 1,800 units (40% complete as to materials,20% complete as to conversion)
Compute the cost of goods transferred out and the ending inventory using the weighted-average method.
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