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) 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.)

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...

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.)

Jun 10, 2022

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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...

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