Please do not give solution in image format thanku Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show thefollowing Information for FebruaryBeginning WIP inventoryDirect materials.Conversion costsCurrent period costsDirect materialsConversion costsBeginning inventoryCurrent period units started.Ending inventory$ 23,0537,555Quantity Information is obtained from the manufacturing records and includes the following:135,04764,625Required A Required B6,000 units (40% complete as to materials, 15% complete as to conversion)44,500 units16,000 units (75% complete as to materials, 35% complete as to conversion)Required:a. Compute the equivalent units for the materials and conversion cost calculations.b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.Complete this question by entering your answers in the tabs below.

The equivalent units are calculated on the basis of the percentage of the work completed during the…

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. Conversion costs Current period costs Direct materials Conversion costs $ 23,053 7,555 Beginning inventory Current period units started Ending inventory 135,047 64,625 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,500 units 16,000 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. Conversion costs Current period costs Direct materials Conversion costs $ 23,053 7,555 Beginning inventory Current period units started Ending inventory 135,047 64,625 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,500 units 16,000 units (75% complete as to materials, 35% complete as to conversion)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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