Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 25,053 Conversion costs Current period costs Direct materials 149,367 Conversion costs 75,225 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 Current period units started Ending inventory Compute the cost of goods transferred out and the ending inventory for February using the FIFO method. 8,155 44,900 20,000 units (40% complete as to materials, 15% complete as to conversion) units units (75% complete as to materials, 35% complete as to conversion)
Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 25,053 Conversion costs Current period costs Direct materials 149,367 Conversion costs 75,225 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 Current period units started Ending inventory Compute the cost of goods transferred out and the ending inventory for February using the FIFO method. 8,155 44,900 20,000 units (40% complete as to materials, 15% complete as to conversion) units units (75% complete as to materials, 35% complete as to conversion)
Chapter5: Process Costing
Section: Chapter Questions
Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....
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