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 $ 20, 553 Conversion costs 6,805 Current period costs Direct materials 225, 147 Conversion costs 117,460 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,000 units Ending inventory 11,000 units (75% complete as to materials, 35% complete as to conversion) Exercise 8-44 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.
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 $ 20, 553 Conversion costs 6,805 Current period costs Direct materials 225, 147 Conversion costs 117,460 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,000 units Ending inventory 11,000 units (75% complete as to materials, 35% complete as to conversion) Exercise 8-44 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.
Chapter5: Process Costing
Section: Chapter Questions
Problem 3EA: Given the following information, determine the equivalent units of ending work in process for...
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