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:

Answered: The Matsui Lubricants plant uses the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...

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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:

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