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The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The...

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Accounting

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 347
Current period costs
Direct materials 14,330
Conversion costs 6,997

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

Beginning inventory 700 units (70% complete as to materials, 55% complete as to conversion)
Current period units started 4,500 units
Ending inventory 1,400 units (50% complete as to materials, 20% complete as to conversion)

3.

value: 2.50 points

Required information

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

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