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
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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### 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 | |
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