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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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
$ 25,053
8,155
149,367
75,225
Quantity information is obtained from the manufacturing records and includes the following:
Beginning inventory
Current period units started
Ending inventory
6,000
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)
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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