Required information

Exercise 8-33 & 8-34 (Algo) (LO 8-2, 3)

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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	$	955
Conversion costs		467
Current period costs
Direct materials		19,940
Conversion costs		11,688

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

Beginning inventory	500	units	(65% complete as to materials, 54% complete as to conversion)
Current period units started	5,300	units
Ending inventory	1,500	units	(45% complete as to materials, 25% complete as to conversion)

Exercise 8-34 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3)

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