Homework Help is Here – Start Your Trial Now!
Business
Accounting
Exercise 8-41 & 8-42 (Algo) (LO 8-2, 3) [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 accounting records show the following information for February. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 21,553 7,105 Beginning inventory Current period units started Ending inventory 123,992 55,520 Quantity Information is obtained from the manufacturing records and includes the following: 6,000 units (48% complete as to materials, 15% complete as to conversion) 44,200 units 13,000 units (75% complete as to materials, 35% complete as to conversion)

Exercise 8-41 & 8-42 (Algo) (LO 8-2, 3) [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 accounting records show the following information for February. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 21,553 7,105 Beginning inventory Current period units started Ending inventory 123,992 55,520 Quantity Information is obtained from the manufacturing records and includes the following: 6,000 units (48% complete as to materials, 15% complete as to conversion) 44,200 units 13,000 units (75% complete as to materials, 35% complete as to conversion)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
answer in text form please (without image)
### Required Information **Exercise 8-41 & 8-42 (Algo) (LO 8-2, 3)** *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 accounting records show the following information for February: - **Beginning WIP Inventory** - Direct materials: $21,553 - Conversion costs: $7,105 - **Current Period Costs** - Direct materials: $123,992 - Conversion costs: $55,522 Quantity information is obtained from the manufacturing records and includes the following: - Beginning inventory: 6,800 units (40% complete as to materials, 15% complete as to conversion) - Current period units started: 44,200 units - Ending inventory: 13,800 units (75% complete as to materials, 35% complete as to conversion) --- **Exercise 8-42 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3)** 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 out | | |-------------------------------|---------------| | Costs in ending inventory | |
Transcribed Image Text:### Required Information **Exercise 8-41 & 8-42 (Algo) (LO 8-2, 3)** *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 accounting records show the following information for February: - **Beginning WIP Inventory** - Direct materials: $21,553 - Conversion costs: $7,105 - **Current Period Costs** - Direct materials: $123,992 - Conversion costs: $55,522 Quantity information is obtained from the manufacturing records and includes the following: - Beginning inventory: 6,800 units (40% complete as to materials, 15% complete as to conversion) - Current period units started: 44,200 units - Ending inventory: 13,800 units (75% complete as to materials, 35% complete as to conversion) --- **Exercise 8-42 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3)** 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 out | | |-------------------------------|---------------| | Costs in ending inventory | |
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS