The Matsui Lubricants plant uses the FIFO method to account for its work-in-proc

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:

    

  

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

  

  

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:

Explanation / Answer

Equivalent unit :

Cost per equivalent unit of material = 22490/3443 = $6.53

Cost per equivalent unit of conversion = 13414/3145 = $4.27

Whole unit % EUP-material % EUP-conversion Beginning work in process 610 30% 183 50% 305 Unit started and completed 2700 100% 2700 100% 2700 Ending work in process 1400 40% 560 10% 140 Equivalent unit of production 4710 3443 3145

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