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 Ons dist Beginning inventory Current period units started Ending inventory $ 26,553 8,605 Quantity information is obtained from the manufacturing records and includes the following: of goods transferred out of ending inventory 159,792 82,020 6,000 units (40% complete as to materials, 15% complete as to conversion) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) oute the cost of goods transferred out and the ending inventory for February using the FIFO method. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
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 Ons dist Beginning inventory Current period units started Ending inventory $ 26,553 8,605 Quantity information is obtained from the manufacturing records and includes the following: of goods transferred out of ending inventory 159,792 82,020 6,000 units (40% complete as to materials, 15% complete as to conversion) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) oute the cost of goods transferred out and the ending inventory for February using the FIFO method. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Chapter1: Financial Statements And Business Decisions
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![[The following information applies to the questions displayed below.]
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
Beginning inventory
Current period units started
Ending inventory
$ 26,553
8,605
Quantity information is obtained from the manufacturing records and includes the following:
159,792
82,020
Cost of goods transferred out
Cost of ending inventory
6,000 units (40% complete as to materials, 15% complete as to conversion)
45, 200 units
23,000 units (75% complete as to materials, 35% complete as to conversion)
Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe0b773db-29ad-4d9a-914b-6d0769b81601%2F95534e02-20c4-480b-be07-c755e852bb57%2Fc4o60ea_processed.png&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
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
Beginning inventory
Current period units started
Ending inventory
$ 26,553
8,605
Quantity information is obtained from the manufacturing records and includes the following:
159,792
82,020
Cost of goods transferred out
Cost of ending inventory
6,000 units (40% complete as to materials, 15% complete as to conversion)
45, 200 units
23,000 units (75% complete as to materials, 35% complete as to conversion)
Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
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