Required information[The following information applies to the questions displayed below.]Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accountingrecords show the following information for February:Beginning WIP inventoryDirect materialsConversion costsCurrent period costsDirect materialsConversion costs$ 26,5538,605159,79282,020Quantity information is obtained from the manufacturing records and includes the following:Beginning inventoryCurrent period units startedEnding inventory6,000 units (40 % complete as to materials, 15% complete as to conversion)45,200 units23,000 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 weighted-average method.Note: Do not round intermediate calculations.Costs of goods transferred outCosts in ending inventory

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

Answered: Compute the cost of goods transferred…

Business

Accounting

Compute the cost of goods transferred out and the ending inventory f

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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