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 $ 976 Conversion costs 272 Current period costs Direct materials 11,440 Conversion costs 6,644 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 600 units (60% complete as to materials, 53% complete as to conversion) Current period units started 4,000 units Ending inventory 1,200 units (40% complete as to materials, 20% complete as to conversion) 4.value: 1.66 pointsRequired information Required: (1) Compute the equivalent units for the materials and conversion cost calculations.
(2)Compute the cost per equivalent unit for direct materials and conversion costs. (Round your answers to 2 decimal places.) ReferenceseBook & Resources WorksheetDifficulty: 2 MediumLearning Objective: 08-03 Assign costs to products using weighted-average costing. Compute the cost of goods transferred out and the ending inventory using the weighted-average method. (Do not round intermediate calculations.)