Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method Compute Costs per Equivalent Unit: Weighted-Average 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:
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Beginning WIP inventory Direct materials
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$ 976
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Conversion costs
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272
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Current period costs Direct materials
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11,440
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Conversion costs
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6,644
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Quantity information is obtained from the manufacturing records and includes the following:
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Beginning inventory
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600 units (60% complete as to materials,
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|
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53% complete as to conversion)
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Current period units started
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4,000 units
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Ending inventory
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1,200 units (40% complete as to materials,
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20% complete as to conversion)
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Compute the cost of goods transferred out and the ending inventory using the weighted-average method.