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 $ 29,053 Conversion costs 9,355 Current period costs Direct materials 176,567 Conversion costs 91,145 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 45,700 units Ending inventory 28,000 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.
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 $ 29,053 Conversion costs 9,355 Current period costs Direct materials 176,567 Conversion costs 91,145 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 45,700 units Ending inventory 28,000 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.
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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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 | $ 29,053 |
Conversion costs | 9,355 |
Current period costs | |
Direct materials | 176,567 |
Conversion costs | 91,145 |
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 | 45,700 | units | |
Ending inventory | 28,000 | 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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