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$991 Conversion costs 332 Current period costs Direct materials 13,580 Conversion costs 8,844 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory650units(60% complete as to materials,50% complete as to conversion)Current period units started4,400units Ending inventory1,300units(40% complete as to materials,20% complete as to conversion) ReferencesSection BreakExercise 8-33 & 8-34 (LO 8-5) 5.value:1.23 points Required information Exercise 8-33 Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required:(1) Compute the equivalent units for the materials and conversion cost calculations. (2) Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.)

Compute equivalent units for the material and conversion cost calculations as follows: Result:

Answered: The Matsui Lubricants plant uses the…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 3CMA: Kimbeth Manufacturing uses a process cost system to manufacture dust density sensors for the mining...

See similar textbooks

Related questions

Question

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	$	991
Conversion costs		332
Current period costs
Direct materials		13,580
Conversion costs		8,844

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


Beginning inventory	650	units	(60% complete as to materials, 50% complete as to conversion)
Current period units started	4,400	units
Ending inventory	1,300	units	(40% complete as to materials, 20% complete as to conversion)

References

Section BreakExercise 8-33 & 8-34 (LO 8-5)

value:
1.23 points

Required information

Exercise 8-33 Compute Costs per Equivalent Unit: FIFO Method (LO 8-5)

Required:

(1) Compute the equivalent units for the materials and conversion cost calculations.

(2) Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions